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BofA Pilots Mortgage Principal Deductions for Hardest Hit Fund
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It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
BofA Pilots Mortgage Principal Deductions for Hardest Hit Fund
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
BofA Pilots Mortgage Principal Deductions for Hardest Hit Fund

March 7, 2011 (Shirley Allen)
mortgage-punched-image
Bank of America (BofA) is piloting a program to write down mortgage principal for borrowers in three states participating in the Hardest Hit Fund. To date, Arizona, Nevada, and California are among the states that have proposed using federal aid money to have BofA lower the amount struggling borrowers owe on their mortgages.

In June 2010, the Obama administration released $1.5 billion in foreclosure prevention funding for states hardest hit by home price declines. BofA will begin the mortgage principal reduction program for customers in Arizona first, which has received $125.1 million in aid.

A spokesman for the Arizona Department of Housing said about 40% of the 380 applications received so far are from BofA customers. “We are hoping to assist 8,000 households with these federal funds,” the spokesman said.

Additionally, BofA is finalizing how it would participate in other principal reduction programs in Nevada and is in “advanced discussions” with the California Housing Finance Agency.

BofA is also involved in discussions with other state housing agencies who are receiving Hardest Hit Funds. Along with principal reductions, the bank is also considering pilot programs in California, North Carolina, South Carolina, Ohio, Oregon, Florida, and Washington D.C., that will offer unemployment assistance programs.

“Since the Obama administration established the Hardest Hit Fund initiative one year ago, Bank of America has worked closely with both the Department of Treasury and state housing agencies to design and implement the program to provide interim payment assistance to unemployed borrowers, as well as funding for loan modification assistance to delinquent borrowers,” Laughlin said. “We are excited this program is coming to fruition.”

For more information, contact your lender, visit the Arizona Department of Housing website, or call 602-771-1000.

Tags: Bank of America, Hardest Hit Fund, mortgage principal reductiion, federal aid, unemployment assistance

INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
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Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
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HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
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YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

March 7, 2011 (Shirley Allen)
mortgage-punched-image
Bank of America (BofA) is piloting a program to write down mortgage principal for borrowers in three states participating in the Hardest Hit Fund. To date, Arizona, Nevada, and California are among the states that have proposed using federal aid money to have BofA lower the amount struggling borrowers owe on their mortgages.

In June 2010, the Obama administration released $1.5 billion in foreclosure prevention funding for states hardest hit by home price declines. BofA will begin the mortgage principal reduction program for customers in Arizona first, which has received $125.1 million in aid.

A spokesman for the Arizona Department of Housing said about 40% of the 380 applications received so far are from BofA customers. “We are hoping to assist 8,000 households with these federal funds,” the spokesman said.

Additionally, BofA is finalizing how it would participate in other principal reduction programs in Nevada and is in “advanced discussions” with the California Housing Finance Agency.

BofA is also involved in discussions with other state housing agencies who are receiving Hardest Hit Funds. Along with principal reductions, the bank is also considering pilot programs in California, North Carolina, South Carolina, Ohio, Oregon, Florida, and Washington D.C., that will offer unemployment assistance programs.

“Since the Obama administration established the Hardest Hit Fund initiative one year ago, Bank of America has worked closely with both the Department of Treasury and state housing agencies to design and implement the program to provide interim payment assistance to unemployed borrowers, as well as funding for loan modification assistance to delinquent borrowers,” Laughlin said. “We are excited this program is coming to fruition.”

For more information, contact your lender, visit the Arizona Department of Housing website, or call 602-771-1000.

Tags: Bank of America, Hardest Hit Fund, mortgage principal reductiion, federal aid, unemployment assistance

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

March 7, 2011 (Shirley Allen)
mortgage-punched-image
Bank of America (BofA) is piloting a program to write down mortgage principal for borrowers in three states participating in the Hardest Hit Fund. To date, Arizona, Nevada, and California are among the states that have proposed using federal aid money to have BofA lower the amount struggling borrowers owe on their mortgages.

In June 2010, the Obama administration released $1.5 billion in foreclosure prevention funding for states hardest hit by home price declines. BofA will begin the mortgage principal reduction program for customers in Arizona first, which has received $125.1 million in aid.

A spokesman for the Arizona Department of Housing said about 40% of the 380 applications received so far are from BofA customers. “We are hoping to assist 8,000 households with these federal funds,” the spokesman said.

Additionally, BofA is finalizing how it would participate in other principal reduction programs in Nevada and is in “advanced discussions” with the California Housing Finance Agency.

BofA is also involved in discussions with other state housing agencies who are receiving Hardest Hit Funds. Along with principal reductions, the bank is also considering pilot programs in California, North Carolina, South Carolina, Ohio, Oregon, Florida, and Washington D.C., that will offer unemployment assistance programs.

“Since the Obama administration established the Hardest Hit Fund initiative one year ago, Bank of America has worked closely with both the Department of Treasury and state housing agencies to design and implement the program to provide interim payment assistance to unemployed borrowers, as well as funding for loan modification assistance to delinquent borrowers,” Laughlin said. “We are excited this program is coming to fruition.”

For more information, contact your lender, visit the Arizona Department of Housing website, or call 602-771-1000.

Tags: Bank of America, Hardest Hit Fund, mortgage principal reductiion, federal aid, unemployment assistance

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?
DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?
WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
CALCULATE YOUR MORTGAGE PAYMENT
BENEFITS OF REFINANCING YOUR MORTGAGE
ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

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