It comes much too late for many people who have lost their homes in foreclosure, but is welcome news for many homeowners struggling to hold onto their homes. Bank of America announced recently that it has started to forgive some mortgage debt to help stressed homeowners keep their homes and avoid bankruptcy. If Bank of America is your mortgage lender, don’t pick up the phone yet because participation in the program is by invitation only. The Obama administration and Congress have been urging lenders to loosen lending to stimulate the economy and provide a much-needed lifeline to prospective homebuyers who are having difficulty getting home financing. It remains to be seen whether the BoA program will inspire other lenders to launch similar programs to help distressed homeowners. After a brief surge in home sales last summer and fall largely attributed to the government’s popular homebuyer tax credit program, home sales and selling prices are down again in most markets across the country. The new program has angered many homeowners who have kept up with their payments and have been trying to refinance their mortgages to save money, but have had little success due to tight lending practices. The timing of BoA’s announcement just happened to coincide with the news that it had reached a settlement with the State of Massachusetts over predatory lending claims. While Bank of America’s reputation may be bruised, if you’re looking for homes for sale in Louisville, Louisville Properties has an excellent reputation for good business practices and exceptional customer service. This Louisville realtor has been helping people buy and sell homes, commercial real estate and other properties in the area for years. To speak with Jim Powell, an experienced Louisville real estate agent, call him today at 502.744.9504. Resource Links: http://www.latimes.com/business/custom/yourmoney/la-fi-harney28-2010mar28,0,26637.storyhttp://www.nytimes.com/2010/03/25/business/25housing.html?th&emc=th