Homeowners with Bank of America may have options for forbearance on their mortgage or a principal reduction. Unemployment and underwater mortgages have caused many homeowners to struggle as of late, but new programs from the Obama Administration are hoped to combat these problems.
Unemployment has caused many homeowners to come under strain in paying their mortgage and many feel that these unemployment forbearance plans will help homeowners either get back on their feet during the forbearance period or find a buyer for their home.
Mortgages that are underwater have made some homeowners so angry that they have simply walked away from their home altogether, but principal reduction plans are being set in place to make mortgage principal prices more in line with their current values.
While some lenders have been hesitant to make principal reductions and provide forbearance programs, due to the bad precedent it is said to set, there are lenders that are working with homeowners in these areas.
However, homeowners are being told that in order to find out their exact options they need to contact their mortgage lender for details on these programs from the Obama Administration as well as others.