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AssigneeBank of America Corporation
InventorsThomas Morano, Peter Fail, Kenneth O'Rorke, Edna Marshall, Allison Cicero, Randy Shields
Estimating the term…
Embodiments of the present invention provide systems, methods, and computer program products for modifying the terms of a loan and for providing for a shared appreciation loan program. For example, in one embodiment the amount owed on an existing HELOC is split into two portions. A qualifying borrower can defer the obligation to pay interest and payments on a portion of the HELOC in exchange for sharing up to 50% of the future appreciation in the real property that serves as the underlying security for the HELOC. This mortgage plan can provide an incentive for the borrower to remain in the home since the borrower may be able to share in the appreciation of the home even if the home never appreciates beyond the full amount owed on the home, while at the same time preserving the borrower's financial commitment rating and reducing the borrower's monthly payment.
A loan modification system comprising:
A method for a loan modification plan, wherein the loan modification plan is for a loan that is an original HELOC loan on a residence, the method comprising:
A computer program product comprising a computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:
An apparatus comprising:
Dependencies are inferred from the claim text.