BofA Helps Shorts Move! If you are doing a Short Sale with BofA,you may be eligible for some cash to help you move from the home you're leaving. Obviously, due to the way a short sale works, you're not going to be getting any cash from the sale of your home to buy a new home. You're getting absolutely nothing from the sale. BofA is stepping up to attempt to make the process flow a bit smoother. Are they doing this from any great spirit of good feeling for you? I doubt it. It's a simple business decision. If you, the Seller, is able to move more easily out of the property, then they can be assured that the sale will not get hung up on your vacating the place and possibly causing the sale to fall apart. The result of that happening would be no cash to BofA in partial payoff of the mortgage they hold. So, the terms under which they'll consider ponying up some cash--up to $30,000, by the way-- are: the Short sale must be started by the end of this year, 2012. It must close no later than September 26, 2013. Sellers must also proactively work with the bank to obtain an acceptable sale price for the short sale BEFORE the offer from the buyer is submitted.Once things are approved, the actual cash payment to you will be made at closing of the deal. The actual amount will vary from case to case, from $2500 to a max of $30,000. Call BofA for more information. Good Luck.

Good News For Mil Members! Well, if you're in the military and have been prevented from taking advantage of HAMP, the loan mod program, due to the fact that your duties keeping the country safe have you living somewhere else while you're on duty, take heart. Effective June 1, according to an announcement by the US Treasury and the Consumer Financial Protection Bureau, you may be eligible to take advantage of the program if you're away from the home due to a transfer out of the area (PCS), intend to return to the home ultimately and do not own any single family home elsewhere. For further info, you can check with either of these offices or with Hope Now. Hope Now can be reached at (888)995-HOPE . Good luck, and, from a Vet, thanks for all you do.

GREAT BofA NEWS!! As previously hinted at, the recent $25 Billion mortgage settlement has produced solid results for Bank of America borrowers. BofA announced today that it is mailing letters to 200,000 'eligible' borrowers offering mortgage principal reductions to those of the recipients who are qualified. If you get this letter and toss it, don't try to jump on board later--you're out! If a letter from BofA comes to you, and you have a mortgage with them, OPEN IT AND READ IT; THEN FOLLOW ITS INSTRUCTIONS! The lender estimates that if everyone receiving a letter gets a reduction, the AVERAGE reduction will be $150,000 per homeowner. Who will qualify? If a borrower was underwater on their loan as of January 31, 2012 (the loan was more than the house was worth), is already delinquent in payments by at least 60 days, and the bank either owns the loan, services it, or has an investor in the note agreeing to the process, that borrower is eligible. What to do? If you are with BofA, CALL THE BANK! If you get a letter from BofA, don't just toss it, thinking it's just junk mail. Open it and read it! It may save you quite a bit of money--and it just may SAVE YOUR HOME! If everyone qualifies, the total would reach $11 Billion. BofA has also stated that if the value of loans that those responding to the letter exceeds this amount, they are prepared to include them as well. Good Luck!

Some Disturbing News! According to documents that Congressmen Cummings (MD) & Tierney (MA) received recently, in the case of Fannie Mae - connected borrowers, the reason that loan principal reductions are being frequently shot down is that the acting Director of FHFA, Edward DeMarco, is ideologically opposed to loan principal reductions. FHFA claims all decisions are fact-based, but, as far as can be seen, he doesn't want to push for many reductions for fear that it will have to be taxpayer supported,even if taxpayer support of saving folks' homes wouldn't be such a bad idea.Might be a good reason to write to your Congressman and/or Senator and rattle someone's cage. Good luck.