will.i.am — a founding member of the six-time Grammy Award-winning hip-hop group Black Eyed Peas — doesn’t claim to be “mega crazy rich,” but that didn’t stop him from helping two random families avoid foreclosure.

All told, will.i.am put up $350,000 of his own money on a recent tearful episode of “Oprah,” ensuring that a family of eight, The Eller’s, as well as a single mother, Alycia Allgood, keep roofs over their heads for the foreseeable future.

Indeed, both homes are now completely paid off, which is more than likely the best news the cash-strapped families have heard in a very long time.

As for will.i.am, it’s a selfless gesture that is close to his heart:

Read the rest of this entry »

Unemployed homeowners who have their mortgages with Bank of America — the largest bank-holding company in the United States — might not have to pay their mortgages for up to nine months, according to the Charlotte Observer.

However, there is a catch.

If after nine months the homeowners are either still unemployed or unable to meet their mortgage obligations, Bank of America would take possession of the homes (essentially foreclosing on them) and provide the ousted residents with $2,000 to put toward relocation assistance.

The proposal still needs regulatory approval, but it’s already being hailed as the “banking industry’s broadest effort to ease foreclosure pain for the jobless.”

Mark Pearce, N.C. deputy banking commissioner, tends to agree:

“This seems like a new idea that offers a lot of positives for both the homeowners and the bank. There’s a nice balance, giving people more breathing space but with a date certain for moving to the next step if things don’t work out.”

Details such as eligibility and the application process, as well as if the money needs to be eventually paid back over time, are still under consideration.

Nonetheless, it’s a forward-thinking program that could help owners get back on their feet and, if nothing else, help them save up some cash for the next phase in their lives … whatever that may be.

Stay tuned.