Home / News / Foreclosure / BofA Offers Relief to 330K Homeowners Through Settlement
Print This Post Print This Post

BofA Offers Relief to 330K Homeowners Through Settlement

""Bank of America"":https://www.bankofamerica.com/ announced it has completed or approved nearly $30 billion in relief to more than 330,000 homeowners as of the end of 2012.

Examples of consumer relief provided by the Charlotte-based bank include:

* $7 billion in first-lien principal reduction, with 47,000 customers assisted

* $9.8 billion in home equity relief, with 144,000 customers receiving extinguishment or a modification on a home equity loan or line of credit

* $162 million for 23,500 borrowers who received enhanced relocation benefits after completing a short sale

* $11.8 billion in deficiencies waived on short sales

* 7,500 interest rate reductions, with average rate reductions of 2 percent

Settlement monitor Joseph A. Smith, Jr. released the full ""report"":https://www.mortgageoversight.com/reports/ongoing-implementation/ Thursday.

About Author: Esther Cho

x

Check Also

Stern & Eisenberg Names 13 New Shareholders

Warrington, Pennsylvania-based Stern & Eisenberg adds a crew of seasoned real estate and business law, general and mortgage default litigation, estate planning and administration attorneys as shareholders to the firm.