BofA is notifying borrowers who are to get aid under foreclosure relief program

Thursday, Bank of America announced that letters are being mailed to borrowers who may be eligible for the foreclosure relief program included in an agreement with state Attorneys General announced last October.

Thus, under the program up to $150 million is assigned nationally to supply assistance for certain borrowers who experienced a foreclosure, short sale or deed-in-lieu of foreclosure on their mortgage originated by Countrywide. 40 states are destined to participate in the program and to receive allocated funds. The certain state letter is to notify its borrowers if they are eligible to get a settlement payment.

Notifications and payment processing are to be managed by Rust Consulting, a third-party administrator, who will start issuing checks during the first quarter of the following year. It’s also declared, that all the requests concerning the foreclosure relief program should be directed to Rust Consulting at 866.411.6987 or countrywidesettlementinfo.com.

The foreclosure relief program appeared to become the third component of 2008 agreement with state Attorneys General. The second, the National Homeownership Retention Program, was designed to achieve affordable and sustainable mortgage payments for up to 400,000 borrowers.