Bank Of America...anyone know about this?

[NJFFSA16]

I found this tiny blurb on the newswires...anyone know what this is all about?


Bank of America-Mortgage
THE PROGRAM: Bank of America will pay off the mortgage of police
officers, firefighters, teachers and medical workers who have a
mortgage with the bank and suffer an accidental death, paralysis or
injury.
WHAT'S DIFFERENT: Independent insurance companies and national
retail banks offer policies providing similar coverage. But Bank of
America appears to be the first to offer such a policy for free.
WHO MIGHT BE HELPED: During the first six months of this year,
101 local, state and federal law enforcement officers were killed,
according to the National Law Enforcement Officers Memorial Fund.
In 2006, there were 89 on-duty firefighter deaths in the U.S.,
according to National Fire Protection Association data.

[DaSharkie]

Nice gesture, but I still won't give a dime to these giant corporate banks.

Simply a business ploy.

[Firemedic 61]

I've had my mortgage through them for almost 3 years and I never heard about this. Where exactly did you find it?

[BLSboy]

I found this tiny blurb on the newswires...anyone know what this is all about?


Bank of America-Mortgage
THE PROGRAM: Bank of America will pay off the mortgage of police
officers, firefighters, teachers and medical workers who have a
mortgage with the bank and suffer an accidental death, paralysis or
injury.
WHAT'S DIFFERENT: Independent insurance companies and national
retail banks offer policies providing similar coverage. But Bank of
America appears to be the first to offer such a policy for free.
WHO MIGHT BE HELPED: During the first six months of this year,
101 local, state and federal law enforcement officers were killed,
according to the National Law Enforcement Officers Memorial Fund.
In 2006, there were 89 on-duty firefighter deaths in the U.S.,
according to National Fire Protection Association data.

Why yes, I do. It was started after on Orange County (Fla) Sheriff's Deputy was **** and paralyzed after breaking up a drug deal back in Oct. of 2005. Bank of America paid off his mortgage, and made his house wheelchair accessible. Gimme some time, and I will find the link, as it was on the news yesterday.

[BLSboy]

I found this tiny blurb on the newswires...anyone know what this is all about?


Bank of America-Mortgage
THE PROGRAM: Bank of America will pay off the mortgage of police
officers, firefighters, teachers and medical workers who have a
mortgage with the bank and suffer an accidental death, paralysis or
injury.
WHAT'S DIFFERENT: Independent insurance companies and national
retail banks offer policies providing similar coverage. But Bank of
America appears to be the first to offer such a policy for free.
WHO MIGHT BE HELPED: During the first six months of this year,
101 local, state and federal law enforcement officers were killed,
according to the National Law Enforcement Officers Memorial Fund.
In 2006, there were 89 on-duty firefighter deaths in the U.S.,
according to National Fire Protection Association data.

Why yes, I do. It was started after on Orange County (Fla) Sheriff's Deputy was shot and paralyzed after breaking up a drug deal back in Oct. of 2005. Bank of America paid off his mortgage, and made his house wheelchair accessible. Gimme some time, and I will find the link, as it was on the news yesterday.

[dreamer737]

How does the bank serve citizens in the community who take a bullet and lose a life for a FF or PO? Trust me..it happens a lot. I remember that our local Police Chief's sister who is a Sergeant in the PD is a tiny 5'2'' tall and was being overpowered by a 6'4" community menace. A neighbour who had observed the incident via his kitchen window ran out to assist her until the officer was able to retrieve her firearm and handcuffs. Together they succeeded in getting this giant under control.
So what happens when a civilian loses his life to save the life of one of our local heroes? What does the bank do for them?

[hwoods]

News Story on the FH Home Page Today, Bank Steps Up For Heros.:) If someone knows how to link the story to this thread, go for it, my skills are still back at the "Here's how you log on" level.:eek:

[NJFFSA16]

Bank Of America Introduces "Neighborhood Champions" Mortgage Protection
by Blanche Evans


With many lenders shutting down programs for first-time borrowers and tightening underwriting requirements for everyone else, it's nice to see a lender show some consideration for the nation's 16 million-strong police, fire fighters, teachers, and medical workers.

Bank of America is introducing its new "Neighborhood Champions® Protected Mortgage," which includes an insurance feature in the mortgage that will repay all or a portion of the first two-cosigners on the outstanding mortgage balance, up to $300,000, in the event of accidental death, permanent paralysis or dismemberment.

Even better, the loans are available at 100 percent financing, competitive loan rates, little or no down payment options and flexibility on credit scores and credit histories, says B of A. Borrowers don't even have to qualify.

Best by far, the insurance feature has been grandfathered into about 8,000 existing "Neighborhood Champions" borrowers' programs and the insurance is available to any borrower in the Neighborhood Champions program regardless of loan size.

The inspiration for came from B of A mortgage customer Adam Pierce, a 26-year-old Orange County, Florida sheriff's deputy who was shot while on duty in 2005 and left paralyzed.

"My fellow officers, along with professional firefighters, face the constant danger that we could be wounded or killed in an instant," Deputy Pierce said in a statement. "While we understand and accept the dangers in our mission, programs like Bank of America's Neighborhood Champions Protected Mortgage give us some peace of mind that our families would be financially protected, if something were to happen to us."

Additionally, teachers, police officers, firefighters, medical workers and related occupations are eligible to receive a new rate discount on a Bank of America home equity line of credit or home equity loan.

Highlights of the NCProtected Mortgage program:


The new feature of accidental death, dismemberment and paralysis insurance will cover the first two listed co-borrowers.

All Neighborhood Champions Protected Mortgage loans, regardless of size, are eligible for the insurance.

Insurance benefits are provided for covered accidental loss of life, limb, sight or hearing and include full or partial payoff of the loan, depending on the type of loss and the loan balance.

The loan payoff will be based on the loan balance or $300,000, whichever is less, up to the policy maximum of $300,000.

Insurance coverage also includes COBRA extension of up to $2,500 and adaptive home and vehicle coverage of up to $3,000.

Insurance is provided by Minnesota Life Insurance Company. In New York, insurance is provided by Securian Life Insurance Company, an affiliate of Minnesota Life Insurance Company.

Insurance premiums paid by Bank of America may be taxable; customers should contact their tax advisor.

Eligible borrowers include full time educational staff in primary, secondary schools, colleges and universities, and part time teachers; full time sworn officers and law enforcement employees; full time firefighters and fire department employees; full-time medical staff including nurses, nursing-pharmacy-dental assistants, medical technicians and employees of a hospital, nursing facility or doctor's office.

Little or no down payment is needed from the borrowers own pocket. Gifts or other sources count toward the down payment. Bottom line: this is ideal for workers with limited savings or assets.

Flexible credit guidelines -- even for those without traditional credit histories. We consider a wide range of credit scores. A favorable 12 month payment history (rent, three monthly bills) may be sufficient.

Homebuyers in the designated occupations may apply for mortgage financing through the Neighborhood Champions Protected Mortgage Program, receive guidance about the process of financing a home or learn more about this exclusive program by contacting a national Bank of America mortgage loan officer at 1.866.823.5446, locate a local mortgage loan officer by calling 1.800.344.9403, or visit bankofamerica.com/loansandhomes.
Published: August 14, 2007