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28 October 2012

Unemployment and Home Loan Help Program by Bank of America


The Bank of America has a unique unemployment program for those who due to unexpected financial circumstances are not or could not pay back their monthly home loan EMIs on time.  With the Bank of America unemployment program, the bank’s representatives guide individual borrowers who are facing job problems and are also registered on the government as of status unemployed.
This Is a unique program which helps home loan borrowers who are unable to pay back monthly EMIs or have not paid  to get a grace period of twelve months while they are searching for job. This space provided allows the home loan borrowers to arrange for finances and find a job which will begin their monthly income. The bank of America unemployment program has certain eligibility criteria, the borrowers must be receiving unemployment benefits since past six months from government, and the home you are staying is your only residence property. In case the borrower does not fulfill this criteria for approval of the unemployment program it is better to first contact the banks representatives and home loan recoverers who will be able to guide and help to find out a way till your get a new job in the Unites States.
It is a breather provided as help for home loaners who face sudden loss of job or financial crises. The Home unemployment program is in no way to be confused as closure of home loan  or selling off of the property under consideration. The Bank of America is in no terms going to cancel the loan , or reduce the loan amount, just that there is a time gap of twelve months given for the home loan borrowers to get time and finding a new job.
According to the Bank of America website, clear picture of this program is available online with online calculators and eligibility criteria for this program. Repayments of the home loan will soon resume after the borrower gets a regular job and income, and here according to mutual consideration from the bank and the borrower, the borrower has to pay back a total amount remaining, or a collection of amount of EMIs that were unpaid, whatever is worked out. But this help matters a lot instead of losing your precious property and home. The time you get to tide over the financial crises while repaying your home loan is very important and help to save your home on a home loan. 

14 comments:

  1. This is really an excellent move by the Bank of America in order to help unemployed homeowners to save their property. Due to economic crisis, a large number of homeowners have lost their job. Some are working a lower or reduced salary. Moreover, with the Hurricane Sandy hitting the coasts, a large number of people are on the verge of losing their homes. In such a situation, this unemployment program is of great help to many. It is a breather which will help the homeowners to come out of the sudden financial problem so that they can think of ways to pay off their home loans.

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    1. Really nice initiative made by bank of america i really liked it and i totally agree with you sara. For any financial help related to fin-tech products like Free credit score ,Free cibil score refer mymoneykarma.com

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  2. yes feeling sad for the people facing this crises, this program would help many save their homes in this financial crises.

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  3. After the bank ensures that financing the property involves no risk, they pay the amount that is agreed upon. At this stage, the money is given to the builder or the owner of the property. The money will be disbursed based on the construction stages of the property. The payment may be full or part based on the construction stage of the property. In case of resale or a completed project, the loan will be disbursed in a single installment. If the property is under construction, then the loan amount will be disbursed in installments depending upon the construction stages.

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  4. Thanks you Annie for posting the detailed information

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  5. A foreclosure can be postponed while working with your lender to find a loan modification solution, once approved your loan is brought current and the foreclosure is halted.

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  6. good tip for avoiding home loan foreclosure, loan modifications.

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  8. This is great. Where can I find the online calculator? I am interested in getting the loan

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