Bank of America (NYSE: BAC) has clarified an exclusive offering of Mortgage Modification. Mortgage Modification Recipients Get Clear Description of New Terms through Bank of America Home Loans Clarity Commitment. This is an Industry-Leading Approach to Responsible Lending which Continues to Expand. Bank of America Home Loans has begun providing its exclusive Clarity Commitment to customers entering permanent mortgage modifications under the government's Home Affordable Modification Program.
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The Clarity Commitment, an easy-to-understand, one-page summary of key terms, will be offered with loan modifications made under any non-government program in the coming weeks. Homeowners participating in HAMP will receive a Clarity Commitment statement with their modification documents. Their modification package is sent after they successfully complete a trial payment period. Those who are being offered assistance under other programs will receive the Clarity Commitment with the documents to be signed for their modification.
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