BofA Pilots Mortgage Principal Deductions for Hardest Hit Fund
BofA Pilots Mortgage Principal Deductions for Hardest Hit Fund
BofA Pilots Mortgage Principal Deductions for Hardest Hit Fund
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March 7, 2011 (Shirley Allen)
mortgage-punched-image
Bank of America (BofA) is piloting a program to write down mortgage principal for borrowers in three states participating in the Hardest Hit Fund. To date, Arizona, Nevada, and California are among the states that have proposed using federal aid money to have BofA lower the amount struggling borrowers owe on their mortgages.

In June 2010, the Obama administration released $1.5 billion in foreclosure prevention funding for states hardest hit by home price declines. BofA will begin the mortgage principal reduction program for customers in Arizona first, which has received $125.1 million in aid.

A spokesman for the Arizona Department of Housing said about 40% of the 380 applications received so far are from BofA customers. “We are hoping to assist 8,000 households with these federal funds,” the spokesman said.

Additionally, BofA is finalizing how it would participate in other principal reduction programs in Nevada and is in “advanced discussions” with the California Housing Finance Agency.

BofA is also involved in discussions with other state housing agencies who are receiving Hardest Hit Funds. Along with principal reductions, the bank is also considering pilot programs in California, North Carolina, South Carolina, Ohio, Oregon, Florida, and Washington D.C., that will offer unemployment assistance programs.

“Since the Obama administration established the Hardest Hit Fund initiative one year ago, Bank of America has worked closely with both the Department of Treasury and state housing agencies to design and implement the program to provide interim payment assistance to unemployed borrowers, as well as funding for loan modification assistance to delinquent borrowers,” Laughlin said. “We are excited this program is coming to fruition.”

For more information, contact your lender, visit the Arizona Department of Housing website, or call 602-771-1000.

Tags: Bank of America, Hardest Hit Fund, mortgage principal reductiion, federal aid, unemployment assistance

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Estimate your monthly mortgage payment
Auto Loan
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Determine how much car you can afford before buying
Learn About
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Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
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March 7, 2011 (Shirley Allen)
mortgage-punched-image
Bank of America (BofA) is piloting a program to write down mortgage principal for borrowers in three states participating in the Hardest Hit Fund. To date, Arizona, Nevada, and California are among the states that have proposed using federal aid money to have BofA lower the amount struggling borrowers owe on their mortgages.

In June 2010, the Obama administration released $1.5 billion in foreclosure prevention funding for states hardest hit by home price declines. BofA will begin the mortgage principal reduction program for customers in Arizona first, which has received $125.1 million in aid.

A spokesman for the Arizona Department of Housing said about 40% of the 380 applications received so far are from BofA customers. “We are hoping to assist 8,000 households with these federal funds,” the spokesman said.

Additionally, BofA is finalizing how it would participate in other principal reduction programs in Nevada and is in “advanced discussions” with the California Housing Finance Agency.

BofA is also involved in discussions with other state housing agencies who are receiving Hardest Hit Funds. Along with principal reductions, the bank is also considering pilot programs in California, North Carolina, South Carolina, Ohio, Oregon, Florida, and Washington D.C., that will offer unemployment assistance programs.

“Since the Obama administration established the Hardest Hit Fund initiative one year ago, Bank of America has worked closely with both the Department of Treasury and state housing agencies to design and implement the program to provide interim payment assistance to unemployed borrowers, as well as funding for loan modification assistance to delinquent borrowers,” Laughlin said. “We are excited this program is coming to fruition.”

For more information, contact your lender, visit the Arizona Department of Housing website, or call 602-771-1000.

Tags: Bank of America, Hardest Hit Fund, mortgage principal reductiion, federal aid, unemployment assistance

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 7, 2011 (Shirley Allen)
mortgage-punched-image
Bank of America (BofA) is piloting a program to write down mortgage principal for borrowers in three states participating in the Hardest Hit Fund. To date, Arizona, Nevada, and California are among the states that have proposed using federal aid money to have BofA lower the amount struggling borrowers owe on their mortgages.

In June 2010, the Obama administration released $1.5 billion in foreclosure prevention funding for states hardest hit by home price declines. BofA will begin the mortgage principal reduction program for customers in Arizona first, which has received $125.1 million in aid.

A spokesman for the Arizona Department of Housing said about 40% of the 380 applications received so far are from BofA customers. “We are hoping to assist 8,000 households with these federal funds,” the spokesman said.

Additionally, BofA is finalizing how it would participate in other principal reduction programs in Nevada and is in “advanced discussions” with the California Housing Finance Agency.

BofA is also involved in discussions with other state housing agencies who are receiving Hardest Hit Funds. Along with principal reductions, the bank is also considering pilot programs in California, North Carolina, South Carolina, Ohio, Oregon, Florida, and Washington D.C., that will offer unemployment assistance programs.

“Since the Obama administration established the Hardest Hit Fund initiative one year ago, Bank of America has worked closely with both the Department of Treasury and state housing agencies to design and implement the program to provide interim payment assistance to unemployed borrowers, as well as funding for loan modification assistance to delinquent borrowers,” Laughlin said. “We are excited this program is coming to fruition.”

For more information, contact your lender, visit the Arizona Department of Housing website, or call 602-771-1000.

Tags: Bank of America, Hardest Hit Fund, mortgage principal reductiion, federal aid, unemployment assistance

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.