The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Sep. 24, 2013
Filed:
Jan. 08, 2010
Thomas Morano, Charlotte, NC (US);
Peter Fail, Concord, NC (US);
Kenneth O'rorke, Tampa, FL (US);
Edna Marshall, Charlotte, NC (US);
Allison Cicero, Jacksonville, FL (US);
Randy Shields, Weddington, NC (US);
Thomas Morano, Charlotte, NC (US);
Peter Fail, Concord, NC (US);
Kenneth O'Rorke, Tampa, FL (US);
Edna Marshall, Charlotte, NC (US);
Allison Cicero, Jacksonville, FL (US);
Randy Shields, Weddington, NC (US);
Bank of America Corporation, Charlotte, NC (US);
Abstract
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.