Wednesday, March 2, 2011

Bank of America to write down mortgages under Hardest Hit Fund

I don't know too much this program.  It is for homeowners that are seriously upside down on their mortgage and in a financial difficulties.  So are we help the homeowners that way over borrowed beyond their means?
Along with principal write down, BofA is also involved with state housing agencies in California, North Carolina, South Carolina, Ohio, Oregon, Florida and Washington, D.C., to pilot unemployment assistance programs under HHF.
These programs will offer qualified borrowers mortgage assistance for up to 36 months while they are unemployed. While these programs are targeted to low- and moderate-income homeowners, eligibility will also hinge on investor participation.
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