Tuesday, May 29, 2012
BANK OF AMERICA PRINCIPAL REDUCTION
It seems that recently loan modifications are making more headlines than they did a few months ago. It may be because certain Banks have come out with new modification guidelines that are supposed to make it easier for the homeowner to modify their mortgage. Bank of America has announced a new trial program in which it will give homeowners a principal reduction of up to $100,000 on some properties. Please keep in mind that this is only for mortgages owned by Bank of America, situations in which the amount owed on the home it more than the home is worth, and the homeowner had to be at least 60 days behind on their mortgage payment since the end of January. Also, remember that this is just a trial program and not everyone who meets the requirements will receive this offer. The positive spin is that if this program is successful other major Lenders may introduce similar programs for their customers.
For more information on the program, please follow the link below: