Bank of America Announces Foreclosure Relief Program Notifications Will Begin for Countrywide Borrowers
BAC logo. (PRNewsFoto/BANK OF AMERICA)
CHARLOTTE, NC UNITED STATES
Mailings to Eligible Borrowers Begin Under 2008 Agreement with State Attorneys General
CALABASAS, Calif., July 23 /PRNewswire/ -- Bank of America said today that letters are being mailed to borrowers who may be eligible for the foreclosure relief program included in an agreement with state Attorneys General announced last October. Up to $150 million is allocated nationally to provide assistance for certain borrowers who experienced a foreclosure, short sale or deed-in-lieu of foreclosure on their mortgage originated by Countrywide. Participating states may have additional eligibility criteria.
Forty states are participating in the program and have been allocated funds. Borrowers will be notified by letter from their state if they are eligible to receive a settlement payment. Payment amounts will vary.
A third-party administrator, Rust Consulting, will manage notifications and payment processing. The administrator will begin issuing checks during the first quarter of 2010. Inquiries concerning the foreclosure relief program should be directed to Rust Consulting at 866.411.6987 or countrywidesettlementinfo.com.
The foreclosure relief program is one of three components of the 2008 agreement with state Attorneys General. The second component, the National Homeownership Retention Program, is designed to achieve affordable and sustainable mortgage payments for up to 400,000 borrowers who financed their homes with subprime or payment option adjustable rate mortgages serviced by Countrywide.
The third component of the agreement provides relocation assistance to borrowers who experience a foreclosure sale and agree to leave the property voluntarily and appropriately. They are eligible to receive a cash payment to ease their transition to a new place of residence.
For more information about the National Homeownership Retention Program, foreclosure relief payments and relocation assistance offered to qualified Countrywide borrowers, as well as a list of states participating in the foreclosure relief program, please visit my.countrywide.com/media/HRPFactSheet.html.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 53 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,500 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
