Military Homeowners with Lis Pendens Foreclosure Problems Get Help

by on Foreclosure Help

Military personnel facing lis pendens foreclosure problems will welcome news that the Bank of America (BofA) has launched efforts designed specifically to help military homeowners. The programs are reportedly meant to help soldiers and other personnel associated with the U.S. Armed Forces to avoid foreclosure and keep their homes.

Locally, the programs are deemed positive since a number of Albuquerque foreclosures for sale have previously belonged to soldiers. According to reports, BofA will offer principal mortgage reductions and low interest rates to qualified military homeowners. The bank has also recently formed a customer service unit that will exclusively handle military homeowners' concerns. Military personnel who are qualified to receive Servicemembers Civil Relief Act benefits are said to be eligible under the BofA programs.

Under the bank's programs, soldiers who will be leaving active duty and are in danger of possible loss of property to New Mexico foreclosures can be provided with principal loan forgiveness of at least 100% of the home's value. This provision is applicable to those who are behind in their loan payments and is reportedly meant to aid military homeowners who are underwater, having mortgages that cost more than the value of their residential properties.

Another part of the program entails allowing soldiers facing lis pendens foreclosure risks to get reductions on interest rates and to have the opportunity to modify their mortgage term into a longer payment period, which will make their houses more affordable. According to the bank's officials, the programs are designed to emphasize the commitment of the company to military forces. They also stated that the efforts will help lessen some of the financial burdens faced by military families and leave them free to fulfill their military duties without worrying about what is happening at home.

Officials from the bank have also stated that the lender recognizes the sacrifices made by military personnel and that it has no wish to find bank foreclosed homes formerly owned by a soldier or a person associated with the armed forces. For now, the programs will only be offered to homeowners whose mortgages are serviced and owned by the bank. Those mortgages owned by other entities, but serviced by the bank, are not yet qualified, officials have added.

However, the bank has revealed that it is currently negotiating to also have these mortgages included in the programs. BofA has encouraged military homeowners who are facing foreclosure lis pendens problems to contact the bank's customer service department to find out if they can avail of the foreclosure assistance programs.