Have you heard of Bank of America’s Mortgage Forgiveness Program?
Have you heard of Bank of America’s Mortgage Forgiveness Program?
Bank of America recently has announced that they are in the process of mailing out to approximately 150,000 customers information, that there will be an automatic erasure of their liens on their second mortgages.
So what does that mean in plain English? The intent of this is to put the homeowners in an improved financial situation by reducing their monthly obligations and potentially create for them equity in their homes.
According to B of A, they are offering home owners who are behind in their loan payments the opportunity to have their remaining second lien mortgage dept eliminated. This offer will eliminate the full unpaid principal balance on the second loan.
The objective is to help the homeowners avoid foreclosure whenever possible. This should help many underwater and financially distressed home owners remain in their homes and get back on their feet.
To qualify the customers must have a second loan owned and serviced by Bank of America. I t does not matter who owns and services the first loan. The bulk of the second loans that are eligible for this program are in default in their subordinate lien position.
According to Bank of America the customers can always drop in to the 50 plus Customer Assistance Center throughout the country or call 1.800.669.6607 or visit http://homeloanhelp.bankofamerica.com
Should you need help with selling your home or if you have additional questions of what you can or should do please feel free to reach out to me.
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, Brentwood, Bel Air, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or email me at homes@endrebarath.comor visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.
