Bank of America begins foreclosure rescue assistance program in Florida

Bank ofAmerica has allocated up to $150 million nationwide to assist certain borrowers who experienced a foreclosure, short sale or deed in lieu of foreclosure on mortgages originated by Countrywide Financial Corp. BofA bought Countrywide in July 2008 for $2.5 billion. Borrowers who may be eligible for foreclosure relief will be notified by letter. The program, which is part of an agreement between Bank of America and the state attorney general, was supposed to begin last October. Better late than never, at least for some.

Foreclosure relief is the first of three components of the program. The second component is supposed to assist up to 400,000 borrowers who financed their homes with subprime or payment-option, adjustable-rate mortgages serviced by Countrywide in modifying these mortgages to affordable payments, either through reduction of principle or interest rate reduction. The third component provides relocation assistance in the form of a cash payment to borrowers who experience a foreclosure sale and agree to leave the property voluntarily.

Additional information is available at my.countrywide.com/media/HRPFactSheet.html