Huffington Post:
A new program from Bank of America could allow unemployed mortgage holders to go for up to nine months without making a house payment.
In return, Bank of America would make homeowners hand over the deed to their home if they can't get a new job before the end of the nine-month long period.
Only people receiving benefits would be eligible for the program, according to The Charlotte Observer. The newspaper reported on the bank's new effort Sunday and says that before becoming a reality, regulators must first approve it.
The plan could be good for Bank of America's balance sheet because it would avoid principal reductions for borrowers that manage to keep their homes. The Observer reports:
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