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There is hope on the horizon for Pay Option Mortgage homeowners!

In a landmark settlement, Bank of America has agreed to spend up to $8.4 billion to modify troubled mortgages. Most of these mortgages were part of the Countrywide Financial acquisition in July.

The program is the result of a settlement with attorney generals in several states. States filed lawsuits against Countrywide accusing the mortgage lender of deceptive and misleading practices that led to borrowers obtaining potentially risky and costly loans.

Bank of America said the mortgage program will provide up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide customers nationwide. It is designed to achieve affordable mortgage payments for Countrywide borrowers who financed their homes with subprime loans or pay-option, adjustable-rate mortgages before Dec. 31.

The program is slated to launch by Dec. 1.

Charlotte, N.C.-based Bank of America says foreclosure sales will not be initiated or advanced for borrowers likely to qualify for the modifications.

“We are confident that together with the attorneys general we have developed a comprehensive program that provides more solutions than ever before to assist troubled borrowers and put them back on the path to sustained home ownership,” says Barbara Desoer, president of Bank of America’s mortgage, home-equity and insurance services.

Bank of America -- the St. Louis area's second-largest bank -- says first-year payments of principal, interest, taxes and insurance will be targeted to equate to 34 percent of the borrower’s income. Bank of America won’t charge loan-modification fees and will waive prepayment penalties for subprime and pay-option ARM loans. The program includes $150 million for customers who suffered foreclosure or are currently at serious risk of foreclosure after having made only minimal payments.

An additional fund of up to $70 million will support customers facing imminent foreclosure.

Mortgage Trouble?

DON'T FALL INTO A FORECLOSURE TRAP! If you're falling behind on your loan payments or you're worried about payment changes, please read on. If you have a 2/28, 3/27, Pay Option ARM or an Interest Only ARM, please read on.

Sadly, the current mortgage disaster is not only a SubPrime Borrower Mess as the main stream media would have you believe. There are literally millions of hard working, dedicated homeowners who are underwater in their current mortgages and need help to get back on their feet. There are several types of mortgages that can Explode and cause borrowers to fall into a foreclosure trap: (1) Short Term ARMs, 2/28s and 3/27s, (2) Interest Only ARMs, and (3) Pay Option ARMs. In most of these cases - sadly - the best advice may be to simply to Walk Away from your mortgage and start fresh.

Short Term ARMs are causing the bulk of the current problem. These loans have a low "TEASER RATE" introductory rate for the first 2 or 3 years. They are NOT negative amortization loans. After the introductory period, the rate shoots upward. Anyone who bought from 2004-2006 with one of these loans is at risk. Combine a 2/28 with a 3 year prepayment penalty and the borrower has a loan that they literally cannot get out of (after year 2 the monthly payments will skyrocket and they cannot refinance without a penalty - unscrupulous?).

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