In 2011 during spring, the Military Loan Modification Program was introduced by the Bank of America. This program was specially tailored for military mortgage customers that are currently serving in the military as an active on duty and separating service customers for extending mortgage protections.
What is included in Military Loan Modification Programs?
Military loan modification program features principal forgiveness that is given to the military borrowers who are carrying late payments during the middle of leaving on active duty. Moreover, a discount of approximately 4% interest rate is given on mortgages for customers that are qualified for Service members Civil Relief Act (SCRA) protection. This isn’t it, as a dedicated military customer care department is available to assist and provide answers to their questions.
HAMP & Military Loan Modification Program
The military loan modification program of bank of America is basically based on the Home Affordable Modification Program of the government. This program offers principal reduction protections to military service members as determined by the guidelines of the Home Affordable Modification Program. Immediate forgiveness on the principal, mortgage debt reduction to as low as 100% of the current value of the market, these two protections ate included in the military loan modification program.
Reduced Interest Rates
Bank of America is offering a discount of 4% on the mortgage interest rates for military personnel that are on active duty and are qualified for Service members Civil Relief (SCRA) protection. This act is applicable during the active duty of the borrower and after separation for a year. Bank of America has started offering discounts on interest rates since April1, 2011.
Loan Term Extensions
In addition to reduced interest rates, Bank of America’s loan modification program is offering extensions for loan repayment terms. The extensions are provided to help the military service members to achieve more reasonable and affordable mortgage payments on monthly payments.
Loan Modification Program for All Military Personnel
The vice president of Bank of America, Mr. Terry Laughlin stated that the loan modification program of Bank of America goes beyond and above the current financial aid programs that are available to assist the military serve men and women and their military families. Bank of America is offering loan modification program to financially distressed military personnel that are carrying the burden of outstanding debts and they are getting services by Bank of America. This program is available with reduced interest rate and loan repayment extensions. Bank of America is also working with investors or other financial institutions (like lenders) to expand this loan modification program to provide help to the military borrowers.
Contact Customer Care Team of Loan Modification
You can contact the dedicated customer care team that is created by a k of America to help mortgage borrowers. To check your qualification for this modification program you can contact this team and find out your qualification.
