BankofAmerica’s new plan to reduce mortgages and lower interest rates on owners facing foreclosure could have a significant impact on Laurel real estate.

Apparently, BankofAmerica has agreed to make significant efforts to help people keep their homes.  BankofAmerica is the lender who bought Countrywide Home Loans.  The help is for people who used Countrywide to obtain a mortgage before December 2007.

The remedies include reducing the amount of the owners mortgage who are on the brink of foreclosure.   Lets say you bought a home for $400,000 and now it is worth $300,000.  BankofAmerica may reduce your loan amount to $300,000 and possibly reduce your interest rate to a payment you can afford.

Now don’t quote me on any of this.  Obviously, you need to contact BankofAmerica for any of the details. I will post some more details shortly.  I spoke with Countrywide and they indicated to me that people who purchased Maryland real estate are eligable for this program.

This is extroadinary!  If you used Countrywide to purchase your home and think you might qualify for this program call BankofAmerica at 1-800-669-6607.