Bank of America has opened 3 new offices in Nevada specifically to aid troubled homeowners. Bank of America now owns the majority of mortgages across the country after assuming Countrywide. Bank of America received $25 Billion in bailout funds and has been critized and sued
Bank of America has released their new "forgiveness" program to help struggling homeowners. BoA will permanently cut up to 30 percent from home loan balances for tens of thousands of struggling borrowers under their new program.
To qualify, a borrow must prove financial hardship, be two months delinquent in payments and owe at least 20 percent more on the loan than the home is worth.
The new plan begins in May. A portion of the principal balance will be set aside interest free. That principal can then be forgiven over five years if the homeowner stays current on new lowered payments.