New Mortgage Bailout Plan Shows Importance of Speaking With a Loan-Modification Attorney
Tuesday, October 07, 2008
Bank of America announced this week that nearly 400,000 homeowners across the United States may be able to modify their current risky mortgages and lower their monthly payments under a multi-billion-dollar plan designed to assist former Countrywide Financial borrowers. Under the mortgage bailout plan, borrowers who took out sub-prime and adjustable-rate mortgages with Countrywide between 2004 and 2007 would qualify for restructuring relief. Bank of America, which purchased Countrywide in July 2008, estimates the deal could result in as much as $8.7 billion in savings for homeowners, many of whom are well behind on their mortgage payments and in danger…Continue » Posted in Legal Resources • Class Actions • Corporate Fraud