In spring 2011, Bank of America introduced the Military Loan Modification Program, benefiting those military mortgage customers serving on active duty and extending mortgage protections for separating service members.
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Bank of America's Military Loan Modification Program

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In spring 2011, Bank of America introduced the Military Loan Modification Program, benefiting those military mortgage customers serving on active duty and extending mortgage protections for separating service members.

Military Loan Modification includes principal forgiveness for military borrowers with late payments when they are in the midst of leaving active duty; a reduced 4 percent interest rate on mortgages for customers who are eligible for Servicemembers Civil Relief Act (SCRA) protection; and a dedicated military customer service department to answer questions and offer support

MILITARY LOAN MODIFICATIONS AND HAMP

Bank of America's Military Loan Modification Program builds on the government's Home Affordable Modification Program (HAMP), and provides military service members with principal reduction measures as determined by HAMP guidelines.

Military mortgage reduction measures include immediate forgiveness on the principal, to reduce mortgage debt to as low as 100 percent of the current market value.

Since April 1, 2011, Bank of America also offers a reduced 4 percent interest rate on mortgages for active-duty military personnel who are eligible for Servicemembers Civil Relief Act (SCRA) protection, which is applicable during the borrowers' active duty service and for 12 months after separation.

Also included is a loan-term extension, to help military service members arrive at a more affordable monthly mortgage payment.

EXTENDING LOAN MODIFICATION TO ALL MILITARY SERVICE MEMBERS

According to Bank of America executive vice president Terry Laughlin, Bank of America's Military Loan Modification Program goes above and beyond existing programs to assist military service members and their families.

Bank of America offers the Military Loan Modification Program and reduced interest rate to distressed military customers with loans owned and serviced by Bank of America, but is also working with investors to expand loan modifications to all military customers.

FIND OUT IF YOU QUALIFY FOR MORTGAGE MODIFICATION

Bank of America has a dedicated customer service team for military customers within its mortgage servicing unit, which military service members can access toll-free at (888) 325-5357.



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