Avoid Foreclosure or Eviction

16 Oct

On March 26, 2010, the Administration announced enhancements to the Making Home Affordable Program (MHA) and the Federal Housing Administration (FHA) refinance program to give a greater number of responsible borrowers an opportunity to remain in their homes and reduce costly foreclosures. The changes are two-fold: Provide temporary assistance to unemployed homeowners while they search for re-employment; and give lenders greater flexibility to reduce mortgage balances.

And Bank of America announced a program, initially aimed at up to 45,000 Countrywide borrowers, that will reduce principal balances up to 30% of the loan amount, to help keep people in their homes and avoid foreclosure.