negative amortization: B of A Principal Reductions
- 03/31/10 06:36 PM
B of A Principal Reductions. Bank of America announced plans to begin forgiving mortgage loan principals for homeowners who owe more than 120 percent of their home's value and for homeowners who are experiencing expanding negative amortization loans. B of A promised to offer such homeowners an earned principal forgiveness of up to 30 percent in two stages. First the lender will offer an interest-free forbearance of principal that homeowners can turn into forgiven principal annually over 5 years, as long as the homeowners stay current on their payments. The forgiveness program can allow homeowners to bring the loan value back … (1 comments)
B of A Principal Reductions. Bank of America announced plans to begin forgiving mortgage loan principals for homeowners who owe more than 120 percent of their home's value and for homeowners who are experiencing expanding negative amortization loans.
;)
;)
