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• "I sent this letter certified after receiving the free guide [from] Phillips & Garcia P.C. Saved Foreclosure. Thanks a million!" A.D. from Colorado
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Breaking Legal News & Current Events

Exercise Caution When Considering Bank of America’s New Home Loan Plan

March 25, 2010 - Washington, D.C. - Bank of America, which has recently received plenty of media attention for numerous wrongful foreclosures, has announced a startling new loan modification plan.

According to Housing Watch, Bank of America's new program could reduce the mortgage principal for many homeowners who owe more than 120% of their property's current value. The stated goal is to bring home loan values down to 100% of their current value in about 5 years.

The announcement of this program, which could be considered by some to be a well-timed public relations move, comes on the heels of several wrongful foreclosure lawsuits against Bank of America.

Of course, like the controversial Home Affordable Modification Program, Bank of America would get to decide who could get a reduction in their payment, only this time it would involve principal instead of interest rates. Many believe that this tactic is the best way to go since lowering interest rates can merely delay, not prevent, foreclosure.

The program is scheduled to begin in May. As with any significant financial transaction, it's important that you exercise extreme caution if entering into Bank of America's new program. Read all paperwork before signing anything and talk to your attorney about any questions you have before you put your name on the dotted line.

The Massachusetts wrongful foreclosure attorneys at Phillips & Garcia will fight for your rights in your foreclosure case. We are committed to protecting your best interests and your family's home and helping you collect the damages you need and deserve to move on with your life. Contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620.

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Legal Help for Wrongful Foreclosure and Seizure in Any State.  Phillips & Garcia, P.C., a leading law firm in wrongful foreclosure and seizure cases, is now taking cases in any state where there has been a wrongful foreclosure, lock-out and trash-out of a borrower's home.  We are licensed in Massachusetts and associate with a qualified attorney in your state. 

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