Unique Program Includes Interest Rate Reductions, Targeted Principal Forgiveness, and Dedicated Mortgage Servicing Team to Assist Military Customers
“Our new Military Loan Modification Program builds on our long-standing commitment to
Bank of America’s Military Loan Modification Program goes above and beyond existing programs to assist military customers who are leaving active duty domestically or abroad and are struggling to afford their mortgage payment. The program builds on the government’s Home Affordable Modification Program (HAMP) and provides a waterfall of solutions starting with principal reduction measures to help customers achieve a more affordable mortgage payment as set forth in the HAMP guidelines:
- First, immediate principal forgiveness to reduce the amounts owed related to their mortgage to as low as 100 percent of the current market value.
- Then, as needed, a reduction of the interest rate, and subsequent extension of the term of the loan to help customers achieve a more affordable mortgage payment.
“We recognize the complexity and special considerations of serving customers who are in the military and we are committed to working with the