Bank of America Huge News
The boys of Group 4610 are a smidgen weary today because of their extensive travels. They have been teaching Crush It Seminars to other professionals around the country. If you’d like to see them in your region, give them a shout.
Moving on to more pressing information, Bank of America had a major announcement last week. Bank of America came out and said that they would permit principal reductions with HAMP applicants rather than interest rate reductions. Here are the essentials. It must be a Bank of America Loan. Remember that B of A might own the mortgage or they might be servicing the investor for certain loans. It is important to recognize that this press release refers to loans that they service and are the investor for. BofA presently holds more than 1 million HAMP qualified loans. They presume that around 45,000 will qualify for the reductions. Congratulations to the 4.5% of people that meet the requirements for the loan reduction. You have to also owe at least 120% or more against your home. Then they will contemplate dropping your loan up to 30%. You have to also be deliquent to be eligible. Unmistakably this is a move in the right direction. Yet, we hope that Bank of America will consider another step in the right direction to help other home owners. Clearly, this will aid a few people. Still, there are several people that have loans which are for more than 120% that will not qualify. Quite candidly, these are the ones that also desire some aid. We don’t want to attack Bank of America for this because it is a tiny step. Nevertheless, there will still be plenty of short sales. Honestly, there will most likely be more short sales over the course of the next couple years.
If you are in the Modesto vicinity tomorrow, come and check us out with the Crush It informational excursion!
http://group4610shortsale.com” title=”Arizona Short Sale Specialists Answer Questions”>Short sale FAQs and more.
Get powered up by Kevin and Fred at http://shortsalepowerhour.com/more-front-page-news-from-bofa-short-sale-power-hour-033010/ title=”Front Page News From BofA”>Short Sale Power Hour by the Short Sale Specialists of Arizona
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