Bank of America announced programs for its mortgage customers serving in the United States military, improving key benefits for those on active duty and extending mortgage protections for service members beyond active duty.
The newly introduced programs include a principal forgiveness loan modification program for military borrowers behind on their payments when leaving active duty; a reduced 4 percent interest rate on mortgages for customers who are eligible for Service members Civil Relief Act (SCRA) protection; and a mortgage customer service unit dedicated to servicing military customers.
Bank of America’s Military Loan Modification Program assists military customers who are leaving active duty domestically or abroad and are struggling to afford their mortgage payment. The program builds on the government’s Home Affordable Modification Program (HAMP) and provides a number of solutions starting with principal reduction measures to help customers achieve a more affordable mortgage payment as set forth in the HAMP guidelines:
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