What programs does Bank of America offer to better mitigate losses for the homebuyer?
1). Special Forbearance: Forbearance arrangements may be reached to delay foreclosure or other legal action in return for the borrower’s promise to pay the arrearage or the full debt by a specified date. The agreement may be made with the investor, insurer or between Bank of America and the borrower. 2). Repayment Plans: Repayment plans are available to borrowers who wish to make payments in addition to their regular monthly payment to cure a delinquency. This option is considered when the delinquency resulted from a temporary hardship that no longer appears to be a problem. 3). Short Sales or Payoffs: A short sale occurs when the insurer and the investor agree to accept a payoff less than the total amount owed on the mortgage. This workout is considered when all other workout arrangements have been exhausted. 4). Deed in Lieu: A deed in lieu occurs when a borrower voluntarily conveys the property to the lender in exchange for a release from debt. The lender saves the expense of a fore
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- What programs does Bank of America offer to better mitigate losses for the homebuyer?
