BoA no fee rate modification program

[Administrator]

I am wondering if anyone is currently on the andquot;no fee rate modificationandquot; Mortgage plus program, which was offered by Bank of America in late 2006/early 2007. This program was offered only in the state of Washington. Under the terms of this program, customers can reset to a lower rate if the interest rates for their mortgate fall. Now that rates have fallen to an all-time low, have people had any success in getting their rates reset ? I called BoA and they offered me a ridiculously high rate, much higher than the market average and way above my current rate. I feel cheated.


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(Source: mortgagefit.com)