BofA to Reduce Principal in HAMP Mortgage Modifications

reduce the interest rate; convert from a variable interest rate to a fixed interest rate, or; extend of the length of the term of the loan. Generally, to be eligible for a loan modification, you must: show that you can’t make your current mortgage payment due to a financial hardship; complete a trial period to demonstrate you can afford the new monthly amount, and

Principal Reduction Q3: In a HAMP modification that includes a PRA principal reduction, the holder of the loan reduces the PRA Forbearance Amount by more than the PRA investor incentive payments (which are treated as payments on the loan on behalf of the homeowner).

 · Former Bank of America employees gave sworn statements that the bank lied to homeowners, denied loan modifications for bogus reasons and rewarded employees for sending homeowners to foreclosure.

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