Bank of America Signs on to Reduce Interest Rates on Second Mortgages

January 27, 2010

Daily Real Estate Updates

sudler-sothebys-logo27 January 2010 ? In April 2009, the Obama administration announced a plan to include second mortgages into its foreclosure rescue program. This program is designed to encourage mortgage note holders to reduce interest rates for five years on second mortgages. The government will share in the cost of these reductions or, as an alternative, the government will pay the holders of second mortgages to release that debt. The Treasury Department has not yet issued final guidelines for the program, but despite that, Bank of American has signed on. According to the Wall Street Journal, a spokesman for Bank of America says the company has put more than 200,000 borrowers into trial modifications ? the first stage in getting their loans reworked under the Obama program.

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About Catherine Brennan

Catherine Brennan is a seasoned real estate agent with over six years experience in closing hundreds of transactions and developing a network of satisfied clients. Because she values customer service above all else, she teamed-up with Nancy Gaspadarek to create the G and B Real Estate Team. Catherine has lived in the city of Chicago since 1990. She is a member of the Lakeview Chamber of Commerce, a volunteer for the Friends of Blaine and Umoja which both focus on enhancing child education. She enjoys investing in real estate and golfing when she can. You can visit Catherine's web site or reach her directly at 312.613.8022 or catherine@gandbteam.com

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