Reduced Mortgage Rates for Military

Bank of America’s (BofA) plans to help struggling military members and veterans go beyond the protections from excessive interest rates and foreclosure requirements set by the Servicemember’s Civil Relief Act. The BofA will soon offer principle forgiveness — cutting the balance on home loans “to as low as 100 percent of the current market value” for separating military members who would no longer be covered by the SCRA. The bank will also offer reduced interest rates and extended periods to pay the loan if that reduction isn’t sufficient.

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