Bank of America announced today that they will begin assisting those in the military who are having difficulties making their mortgage payments. Bank of America has created a special program based on help for active duty soldiers.
The program, as described, will be set up to allow the bank to reduce the principal of mortgage holders if they face trouble. Payments may also be able to be extended and rates can be increased. The goal is to allow military members serving in active duty less worries about their homes when they are away. Military members will be encouraged to contact the bank as soon as concerns come about.
There have been several reported incidents where soldiers serving overseas had been working with Bank of America to meet mortgage payments, but later on the bank ended up seeking back payments on amounts due or homeowners would have to face foreclosure. Some stated that, time and again, they would be faced the task of calling and re-calling the bank, but would just end up getting transferred from one representative to the next.
One soldier in such a quandary reached out to ABC network show Good Morning America for help when he couldn’t get the bank to assist him. GMA and ABC News contacted Bank of America who eventually helped the struggling soldier.
The soldier’s stories struck a cord with the bank who then decided to launch the program to help other soldiers facing the same problems meeting their mortgage payments. The bank states it feels it is their obligation to defend the homes of those defending the homeland.