Bank of America Corp. recently unveiled the mortgage industry’s first large-scale principal forgiveness program, potentially involving up to 45,000 underwater borrowers and $3 billion in debt.
Banks such as M&T Bank, Quontic Bank, Magnolia Bank and Resolute Bank, among many others, continue to offer reverse mortgages. While prospective borrowers are not able to place a reverse mortgage application through a Bank of America retail branch today, loan originators who work for BofA may be able to refer customers to trusted reverse.
who heads Bank of America’s affordable housing lending business in the Northeast. He added that the government “doesn’t have the will” to give NYCHA the money it needs. Aaron Koffman, a principal at.
You might also check with Bank of America as I read that if the debt forgiven was taxable to you (non extension of mortgage debt relief act) that per last years settlement that Bank of America would provide tax assistance per their agreement. I read the actual settlement agreement and the language for this is in there. I hope this can help you.
To comply with the settlement, Bank of America set up the countrywide national homeownership Retention Program as a vehicle for providing relief. And the deal appeared, at first, to provide it.
Homeowner Bill of Rights signed into law California’s Homeowner’s Bill of Rights (HBOR) was signed into law by Governor Jerry Brown in 2012 as a response to the economic devastation of the foreclosure crisis. hbor has prevented thousands of avoidable foreclosures by requiring mortgage loan servicers to engage in timely, fair and transparent process with struggling homeowners beforeHouse Republicans propose closing down FHA Nobody in Congress proposed this idea at the. Bottom line for house shoppers: Take a hard, close look at FHA with a local loan officer, in light of the rule changes. Pencil out the costs,Trulia reveals best home-searching season Affordable Housing? What Affordable Housing? Affordable housing is increasingly hard to find in today’s market. According to data from Trulia, America’s inventory of starter homes has decreased by.
Will Bank of America agree to a Short Refi on my mortgage , any help out there ? Asked by Outsicktoday, Victorville, CA Wed Feb 3, 2010. I live in Southern California, $100,000 upside down on a $227,000 mortgage, no second, great credit, good income, stuck in a ARM for 8 more years.
Bank of America to Write Off Principal on Some Mortgages Bank of America (BofA) will forgive up to 30 percent of the balance owed on certain at-risk mortgages as part of its loan modification efforts to assist homeowners in avoiding foreclosure, the bank has announced.
· BofA’s “earned principal forgiveness” program looks very similar to the Responsible Homeowner Reward plan of Loan Value Group that I wrote about yesterday. In both cases, homeowners staying current on their mortgage payments get a reward after a certain number of years – a principal write-down on their mortgage in the first case, and an old-fashioned cash payment in the second.
For example, it includes principal write-downs on mortgages that Bank of America holds, but that is generally going to be writing off money that Bank of America could never have collected anyway.”