bank of america: Bank of America Rolls Out It's Principal Reduction Program
- 05/08/12 11:37 PM
Bank of America began mailing out more than 200,000 letters this week targeting borrowers thought to be eligible for principal-reducing modifications under terms of the recent settlement the company and four other servicers reached with the federal government and 49 state attorneys general. To qualify, the homeowner must owe more on the property than it is worth today (DUH!!) and must have been at least 60 days behind on payments on January 31, 2012. In addition, the monthly housing costs must be greater than 25%. Whether these principal reductions actually happen, and how quickly, remains to be seen. I find it … (2 comments)
bank of america: Bank of America to Reduce Short Sale Processing Time
- 04/09/12 11:56 PM
This article from DSNews explains how Bank of America is chaning their Equator module with hopes to reach a decision on short sales in three weeks. Since I process a large number of short sales through Equator, I recently recived an email from them requiring a number of BofA docs to accompany all offers at the time they are submitted. This change takes place on April 16. At first I was somewhat perturbed by yet another change in policy but if, in fact, this is part of a plan to speed up the process, I am all for it. I only … (0 comments)
bank of america: Bank of America to Offer Principal Reductions of Over $100,000
- 03/13/12 12:00 AM
Some Bank of America borrowers may be in for principal reductions in amounts exceeding $100,000, according to the latest developments in the settlement the bank and four other large servicers made with state and federal regulators. Of the five servicers participating in the settlement, BofA is set to pay the largest portion of the total $25 billion settlement. The bank will pay $3.24 billion to the government and $8.58 billion to borrowers. Of BofA’s total, $1 billion is part of a separate settlement regarding loan origination issues for Countrywide, which BofA acquired in 2008.
While the other four servicers in … (0 comments)
bank of america: Bank of America Considering Principal Reductions
- 12/30/11 02:15 AM
In this article by DSnews, Bank of America id considering writing off some of the principal on mortgages where the owner can prove a financial hardship. Apparently the settlement talks with the State Attorney Generals have stalled and they are bringing this to the table to in hopes to finally reach an agreement. Of course, they want all liability waived. Although this could be a great thing for distressed homeowners that would like to stay in their homes, it irritates me that they only way that the lenders will finally consider doing what has been common sense all along is under … (7 comments)
bank of america: Bank of America's Performance Downgraded
- 05/04/11 02:24 AM
Moody's Investors Service downgraded Bank of America ratings on collections and loss mitigation services citing a "deterioration". Bank of America was among several major lenders that signed consent orders with the Department of the Treasury after an investigation into their loss mitigation practices. B of A plans to fully implemet these orders within 3 - 6 months and stated that they were not surprised at the downgraded rating. This further explains why lenders are holding onto their "shadow" inventory. They are afraid of class action suits and further action by the DOT until they "get their sh.. together". The president of … (1 comments)
bank of america: Morning "Cup of Coffee"
- 12/20/10 12:39 AM
Brought to you by HousingWire, this weekly article reviews stories that came across their desk over the weekend. Heading the list is a new lawsuit against Bank of America brought on by the states of Arizona and Nevada. I doubt a whole lot wioll come of it but at least somebody is attempting to hold them accountable. http://bit.ly/dQiKqw
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Bank of America began mailing out more than 200,000 letters this week targeting borrowers thought to be eligible for principal-reducing modifications under terms of the recent settlement the company and four other servicers reached with the federal government and 49 state attorneys general. To qualify, the homeowner must owe more on the property than it is worth today (DUH!!) and must have been at least 60 days behind on payments on January 31, 2012. In addition, the monthly housing costs must be greater than 25%.
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