Bank of America Corporation

Robert M Mauldin

Robert H Eshleman

Jeffrey H Bierer

Eric H Choltus

Allan S Voltz, Iii

Thomas Myrick

Jason S Cashwell

Andrew Kramer

Debashis Ghosh

Sudeshna Banerjee

Michael J Kelly

Katharina Mumford

Kim Barbour

Robert Caruso

Jerome Breslin

Robert Sunris

J Keith Pellerin

David Curren

Timothy O'Brien

Courtland A Willin

Eric H H Choltus

A system and method for providing emergency reserve conditional credit to a customer of a financial institution. The emergency conditional credit may be provided to the customer in the form of a line-of-credit or a loan based on the occurrence of a predetermined condition, such as involuntary unemployment, disability or the like. The emergency reserve product of the present invention is a product that can be offered through a financial institution or other ER-providing entity and, as such, does not require the level of regulation required of an insurance product. The invention also provides for the emergency reserve product to be offered in conjunction with a debt cancellation feature, referred to as emergency reserve protection, which serves to cancel the outstanding debt associated with the loan or line-of-credit.

Emergency financial reserve accessible during a covered event

A system and method for providing emergency conditional credit to a customer of a financial institution. The system includes a customer site and a financial institution. The financial institution determines actuarial data using past history of customers incurring specified events, the actuarial data useable to predict future specified events, determines a cost for offering an emergency reserve (ER) product using the actuarial data, determines a qualification standard for the ER product, and offers the ER product to a person at the customer site. An emergency reserve protection (ERP) feature that provides protection that cancels any ER balance on a monthly basis during a covered event may also be offered to customers. One or more vendor sites may be used to handle some of the processing or managing of the ER and ERP product offerings.

System and method for an emergency reserve during a covered event using actuarial data

A method for process monitoring is disclosed. A borrower is offered a proceeding in which a secured party has executed on collateral due to nonpayment prevention and protection plan associated with a secured loan. A periodic payment is received from the borrower in response to the borrower accepting the proceeding in which a secured party has executed on collateral due to nonpayment prevention and protection plan. The proceeding in which a secured party has executed on collateral due to nonpayment prevention and protection plan allows for at least a portion of a loan payment for the secured loan to be covered by a proceeding in which a secured party has executed on collateral due to nonpayment prevention and protection (PP) entity on behalf of the borrower in response to a covered event occurring. The proceeding in which a secured party has executed on collateral due to nonpayment prevention and protection plan additionally may allow for paying/cancelling the debt's investor in response to loss of the property by the borrower.

Foreclosure prevention and protection

Apparatus and methods for approving financing for the sale of real estate. The apparatus and methods may involve receiving from a seller, or a seller's agent, information regarding the property so that a financial institution can determine a loan amount before the seller is engaged by a buyer. The financial institution may order from vendors documentation and certification desired or required for closing. The financial institution may issue a seal certifying that the financial institution has pre-approved a loan in a stated amount. The amount may be subject to change based on the qualifications of a buyer.

Apparatus and methods for facilitating real estate transactions

A method includes enrolling a borrower in income curtailment protection associated with a loan, where the loan requires periodic payments. If income curtailment has occurred, a determination is made as to what portion of the periodic payment is to be covered on behalf of the borrower. The determined portion of the periodic payment is covered by an entity other than the borrower on behalf of the borrower.

Income curtailment protection

A method of debt cancellation is described. Occurrence data representative of an occurrence of a triggering event on a customer is received. A current benefit amount associated with the customer is determined, and a current amount of debt in the account of the customer is determined. A determination is made as to whether the current amount of debt in the account of the customer is less than the current benefit amount associated with the customer. The current amount of debt in the account of the customer may then be canceled to zero, and a new current benefit amount associated with the customer is maintained as the difference between the current benefit amount and the current amount of debt in the account of the customer prior to canceling.

Debt cancellation mechanism

A method for debt protection or cancellation may include providing an addendum for a debt protection or cancellation product for inclusion in a debt instrument. The method may also include serving the debt protection and cancellation product in response to a borrower purchasing the debt protection and cancellation product.

Method and system for debt protection or cancellation

Portable ashtray

Growing community of inventors

Charlotte, NC, United States of America

Robert M Mauldin