Bank of America Introduces Program to Extend Mortgage Protections for Servicemembers Beyond Active Duty
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
- Partnership with the
Department of Defenseproviding full-service banking to troops and contractors domestically and overseas, with nearly 80 branches and 300 ATM locations outside the U.S.
- Employment of more than 5,000 active and veteran U.S. military servicemembers.
- An employee-based
Military Support Affinity Group, which provides networking, mentoring and information forums to help in the advancement and leadership development of service veterans.
$2 millionin grants and other financial support for nonprofit partners who serve military servicemembers, veterans and their families since 2008.
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