Foreclosure prevention and protection

US8577792B2 · kind B2 · utility

Assignee

• Bank of America Corporation · US

Inventors

• Allan S. Voltz, III · Browns Summit, US
• Eric H. Choltus · Charlotte, US
• Jason S. Cashwell · Greensboro, US
• Robert M. Mauldin, III · Charlotte, US
• Robert H. Eshleman · Charlotte, US

Key dates

• Filing date: Jul 7, 2010
• Grant date: Nov 5, 2013
• Expiry date: Mar 14, 2031

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/03
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

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.