Discover RealtyAll About Realty

If you have a home mortgage with Bank of America, or Countrywide, which was purchased by Bank of America, you should be aware of the Bank of America loan modification program. It is best to contact them when you first begin to experience difficulty paying your payment. Call their Loss Mitigation Department and discover what options are available to you to help you avoid foreclosure.

Bank of America will contact you, of course, when you get behind on your mortgage payments. It may be that an adjustment of your payment plan is all that is necessary or another similar solution. But a more complete reworking of your mortgage may be necessary to solve your problems; a Bank of America loan modification may be discussed.

Before you restructure your mortgage, you could take advantage of free counseling available through the Office of Housing and Urban Development (HUD.) HUD is there to provide governmental support for homeowners and those trying to purchase homes. You might want to seek some advice there first.

When you are discussing your mortgage options with a specialist from Bank of America, have your mortgage documents in front of you with your account number and all pertinent figures on it. They will also want full and honest details of your household budget and finances: income, debt, expenses, and you will have to send documentation to verify these. So, have this information in front of you also, and be prepared to send copies to them as soon as possible. You can download a worksheet online at the Bank of America site to help you organize your budget information.

Foreclosure is not what your bank would like to see happen. It is not only a financial hardship and disturbance of your life; it is an aggravation and financial loss for them. A foreclosure leaves the lender with a house generating no income while it is sitting there vacant, possibly for a year or more. It would cost Bank of America, in the event of your foreclosure, a great deal in fees for foreclosure proceedings, renovations and realtor fees. With these facts in mind, don't be surprised when they are receptive to your application for a loan modification. The Journal Editorial Report 10/23
Powerful liberals facing toughest re-election challenges in years0:00:28 . governor's reform mantle. Can they replicate his garden state victory. And former countrywide CEO Angelo Mozilo settles with the SEC for his role in the mortgage mess but what about the so called friends of - in high places will congress ever. Mean name. Welcome to The Journal . 0:14:59 . James last word when we come back Angelos - does the former countrywide CEO settlement with the SEC. Give the political class a pass on their role. In the mortgage mess. . 0:15:36 . Former countrywide CEO Angelo Mozilo settled civil fraud charges brought against him by the Securities and Exchange Commission last week agreeing to pay a . 0:16:08 . so called friends of Angelo program retiring Connecticut senator Chris Dodd. Is countrywide most famous client but will we ever know the identities of the others so James are we gonna find out the names .

Senate Scorecard
FOX News covers politics on America's Election Headquarters. FOX News political coverage on elections, races, foreign policy, candidates, and national security.

Fraudulent Claims Hurting Foreclosure Victims?
Homeowners sound off, file suit0:00:19 . I understand why your husband was in Iraq and you were at home. Out there in the Arizona area pregnant with - kids at home. He fell behind your payments. You - you work something out with the bank. And you were evicted. Did they do it . 0:02:30 . an agreement with the - in this case. After the acquisition of countrywide by Bank of America customers were notified that their - number. Would be changed in their payments would go to Bank of . 0:03:00 . paying the bank in the first place do they really - my mortgage I wanna pay the correct person. But you need to prove to me that you - this loan. If somebody comes up .

Forbes on Fox: Is Nationalized Housing Next?
Fears mount of possible government takeover of housing market0:00:21 . that the government is investigating how private banks or for closing on home so. Is nationalized. Housing coming next hi everybody I'm David has been welcome to Forbes dot box let's go into focus wins. Steve Forbes who lives in - rich gro garden Neil Weinberg might goes aided and quite hardy we got a full group Steve nationalized thousand. Sure they - the - home mortgage industry justice they're trying to do with health care energy and everything else in this country. They already have Fannie and Freddie they've been destroyed private to lenders and that market if you write a mortgage today - only gonna do to insult to those two. Bankrupt - get - guaranteed by the federal government. So to. Just of control they're going through Fannie and Freddie right now so - defects we already have a nationalized home home our country here. . 0:01:18 . the banks with - robo signers where they're not even reviewing people's home documents before they're throwing them out. But Steve is right about 90% of the home loan mortgage is right now. Are insured by the US government the FHA which previously was in the business of doing this for poor . 0:02:26 . just part of this story or are we moving towards a nationalized home market. No we are not moving towards - nationalized home market. And those who say that Fannie and Freddie have destroyed the American housing her source - Do have to explain to me what role all countrywide might have had in this sort of thing. Or why Fannie and Freddie existed for decades. And everybody was fine with it . 0:03:10 . a lot of second moderating my goes eighty and Clinton brings up countrywide of course some of countrywide. Worst loans have been pawned off to the taxpayer now as a result of that bill written by Chris Dodd that 300 .

Warning Sign for American Dream?
Economic recovery appears to be stalling mortgage rates hit low of 4.36 percent0:01:21 . early. Now we have to - the water on stimulus. The housing mortgage rates are really low and people still aren't buying houses so I think we're - for a long period of stagnation because . 0:02:17 . and and that's and and and perhaps they did take buy a home and take out a loan that they probably should have at the very beginning but some people. Did not fall into that . 0:04:09 . time politics is local but if we talk about. Sort of a countrywide. Idea. Of an American dream. How big of a role do you think that will play in these upcoming mid terms John .