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Chad Kamp, PLLC
3150 S Gilbert Rd, Ste #4
Chandler, AZ 85286
Office: 480-730-3315
Cell: 480-205-6597
Email: chadkamp@kamprealty.com
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Chads Blog
BOA Loan modifications

In perusing news stories I came across an article in which BOA apparantly will be releasing a new program for homeowners in May (link below).  This loan modification program will aid  homeowners that are 60 days delinquent in which BOA will consider adjusting their principle by up to 30% to reduce the monthly payment.  The trade off is the homeowner can not fall delinquent for 5 years.  

They estimate 45,000 homeowners will be affected but don't indicate whether or not this is nationwide or specifically in Arizona.  If they are anticipating this to be nationwide that puts only, on average, 900 homeowners in the state to be eligible.  This would be excellent if you are one of the 900 homeowners that qualify.  If you are not then you are still at the banks mercy.  Time will tell how this will be administered and I sincerely do hope they are able to help you, if you are in a distressed situation.  

http://www.bizjournals.com/phoenix/stories/2010/03/22/daily49.html?ana=from_rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+bizj_phoenix+%28The+Business+Journal+of+Phoenix%29&utm_content=FaceBook
Posted By - Chad - 03/26/2010
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