If you're mortgage is with Bank of America, and you are in trouble, I have news for you! B of A yesterday announced that effective immediately it will reduce the principal amount of your mortgage loan balance. There are qualifications you must meet.
You must have missed at least two months payments on your mortgage, and the mortgage balance must exceed the value of your home by at least 20%. According to B of A, this will affect about 45,000 borrowers, or about 30% of its overall mortgage portfolio.
Also, it should have the effect of applying other major lenders to follow the same path. Wells Fargo announced it has already done so for 52,000 borrowers to the tune of about $2.6 Billion, while both Citi and JPMorgan Chase refused to say if they'd attempt a similar program.
Thursday, March 25, 2010
Thursday, March 4, 2010
Brief Notes
Well, things are apparently slo-o-o-o-w-ly improving. The latest updates from the government and the banking industry indicate that more and more lenders are working with borrowers who are either in trouble already or just barely avoiding it. Latest statistics show that more loan mods are getting put together, and at a somewhat faster pace than just a few months ago. How long this trend continues is anyone's guess, but it just makes good sense to do so, as any loan that is modified & avoids default and foreclosure benefits the lender as well as the borrower. Stay tuned, and we'll bring you the latest on this and other trends as soon as it becomes available.
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