Bank of America Announces Program for Servicemembers
Bank of America Announces Program for Servicemembers
Bank of America Announces Program for Servicemembers
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March 14, 2011 (Jeff Alan)
mortgage-military-bofahelp-image
Bank of America today announced the new “Military Loan Modification Program,” aimed at providing mortgage relief for active duty military customers behind on their payments and extending mortgage protections for servicemembers beyond active duty. The program takes effect April 1, 2011.

Key features of the new program are:

– An immediate principal forgiveness program for distressed military borrowers which can reduce the loan-to-value ratio to as low as 100 percent of current market value;

– A reduced four percent interest rate on mortgages for customers who are eligible for Servicemembers Civil Relief Act (SCRA) protection, which is lower than the 6 percent mandated under SCRA. The 4 percent rate will be applicable for the duration of the borrowers’ active duty and for 12 months after release;

– And a mortgage customer service unit dedicated to servicing military customers.

“Our new Military Loan Modification Program builds on our long-standing commitment to the United States military forces and will help address the heavy burden of financial matters at home that can weigh on those who are protecting our freedoms,” said Terry Laughlin, executive vice president for Bank of America. “Military men and women face extraordinary circumstances, and they make unique sacrifices for all of us. For these reasons, we want this combination of tools to address their needs and help them when they need it most.”

The program will initially target mortgages owned and serviced by Bank of America, but the company is also in talks with investors in other mortgages it services to expand benefits to those customers as well.

Bank of America’s customer service unit for military customers can be reached at 888-325-5357.

Tags: Bank of America, loan modification program, servicemembers, veterans, active duty, principal forgiveness, interest rate reduction, mortgage customer service

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Learn About
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Compare 15 year and 30 year mortgage loans
Todays Mortgage
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March 14, 2011 (Jeff Alan)
mortgage-military-bofahelp-image
Bank of America today announced the new “Military Loan Modification Program,” aimed at providing mortgage relief for active duty military customers behind on their payments and extending mortgage protections for servicemembers beyond active duty. The program takes effect April 1, 2011.

Key features of the new program are:

– An immediate principal forgiveness program for distressed military borrowers which can reduce the loan-to-value ratio to as low as 100 percent of current market value;

– A reduced four percent interest rate on mortgages for customers who are eligible for Servicemembers Civil Relief Act (SCRA) protection, which is lower than the 6 percent mandated under SCRA. The 4 percent rate will be applicable for the duration of the borrowers’ active duty and for 12 months after release;

– And a mortgage customer service unit dedicated to servicing military customers.

“Our new Military Loan Modification Program builds on our long-standing commitment to the United States military forces and will help address the heavy burden of financial matters at home that can weigh on those who are protecting our freedoms,” said Terry Laughlin, executive vice president for Bank of America. “Military men and women face extraordinary circumstances, and they make unique sacrifices for all of us. For these reasons, we want this combination of tools to address their needs and help them when they need it most.”

The program will initially target mortgages owned and serviced by Bank of America, but the company is also in talks with investors in other mortgages it services to expand benefits to those customers as well.

Bank of America’s customer service unit for military customers can be reached at 888-325-5357.

Tags: Bank of America, loan modification program, servicemembers, veterans, active duty, principal forgiveness, interest rate reduction, mortgage customer service

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

March 14, 2011 (Jeff Alan)
mortgage-military-bofahelp-image
Bank of America today announced the new “Military Loan Modification Program,” aimed at providing mortgage relief for active duty military customers behind on their payments and extending mortgage protections for servicemembers beyond active duty. The program takes effect April 1, 2011.

Key features of the new program are:

– An immediate principal forgiveness program for distressed military borrowers which can reduce the loan-to-value ratio to as low as 100 percent of current market value;

– A reduced four percent interest rate on mortgages for customers who are eligible for Servicemembers Civil Relief Act (SCRA) protection, which is lower than the 6 percent mandated under SCRA. The 4 percent rate will be applicable for the duration of the borrowers’ active duty and for 12 months after release;

– And a mortgage customer service unit dedicated to servicing military customers.

“Our new Military Loan Modification Program builds on our long-standing commitment to the United States military forces and will help address the heavy burden of financial matters at home that can weigh on those who are protecting our freedoms,” said Terry Laughlin, executive vice president for Bank of America. “Military men and women face extraordinary circumstances, and they make unique sacrifices for all of us. For these reasons, we want this combination of tools to address their needs and help them when they need it most.”

The program will initially target mortgages owned and serviced by Bank of America, but the company is also in talks with investors in other mortgages it services to expand benefits to those customers as well.

Bank of America’s customer service unit for military customers can be reached at 888-325-5357.

Tags: Bank of America, loan modification program, servicemembers, veterans, active duty, principal forgiveness, interest rate reduction, mortgage customer service

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.