In the recent times people are unable to pay their home loan installments owning to the economic downfall and poor market conditions. This has led to the foreclosure of many properties. Bank of America has taken an initiative to make it easy for the people to pay their home loans and retain their family homes. The modifications announced by Bank of America differ on case by case basis depending on the individual, property and remaining amount to be paid. 

home loans modification

However some features of the program remain same in almost all cases of home loans. These features can be enumerated as:

  •     Interest rate and the principal amount have been reduced
  •     Term to repay the loan has been increased which also results in increased loan amount
  •     No foreclosure fees will be charged and the late fees have been waived
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