BofA Could Cover Unemployed Borrower Mortgages for 9 Months

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BANK OF AMERICA PAYS IT FORWARD
In a long series of press releases promising the world, Bank of America is considering another “special program” for unemployed borrowers that would offer as many as nine months of no mortgage payments while they hunt for a new job stated Housing Wire.

A spokesperson for BofA told HousingWire that the program is “still pending regulatory approval”. Whether or not the payments are forgiven or just deferred has not been solidified yet, but according to the spokesperson, a likely option would be to capitalize the past due payments into the new permanent modification.

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