DOJ

The big news coming from the DOJ and Bank of America (and other banks) is a new global settlement for underwater borrowers. This is great news for those who are current on their payments but are underwater on their loans and for current borrowers involved in the short sale process.


Under the new terms BofA will:

  • implement a new program to modify underwater loans by reducing the principal owed
  • Will lower rates (which will reduce payments) for eliglible borrowers who are current on their mortgages
  • Wil continue to assist those seeking a short sale or deed in lieu of foreclosure

In my opinion this looks to be like an awesome program for borrowers who want to keep their homes. Indeed it makes sense for a lender to keep a paying customer than going through the hassle of foreclosing on a home or being hammered by short sales. In the end lenders are realizing that it costs less to keep a borrower in a home than risking a strategic default.

For more information contact:
Short Sale Customer Care
READ MORE ON THE SETTLEMENT 

1.866.880.1232
8 a.m. – 10 p.m. Eastern, Monday – Friday
9 a.m. – 5:30 p.m. Eastern, Saturday

Nogui Aramburo
Real Estate Broker / Manager
Linda Craft & Team, REALTORS
www.lindacraft.com
(919) 771 3609

 
Posted by Nogui Aramburo on 06/14/2012 06:29 PM   Comments (2)   in the ActiveRain Channel   short sales, deed in lieu, underwater mortgages, foreclosure alternatives, department of justice, bank of america, real estate news  
Short URL: http://actvra.in/Cwf

2 Comments on DOJ and Bank of America Settlement for Underwater Borrowers

JUN
14
2012
588,403 Points 2 Featured Posts Outside Blog Called Shot Master

I will believe it when I see it.  how many times have we all heard they are willing to modify only to NEVER see a single person ever get approved for help.
6:33pm • #1
SEP
05
700,464 Points 56 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Noqui, I agree with you that this looks like a great program. I'm just not sure if they are actually following through with it.
12:40pm • #2


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Nogui Aramburo (Linda Craft & Team, REALTORS®) Rainmaker_large

Nogui Aramburo

Durham, NC

More about me…

Linda Craft & Team, REALTORS®

Address: 7300 Six Forks Road, Raleigh, NC, 27615

Office Phone: (919) 235-6305

Cell Phone: (919) 771-3609

Email Me

I'm a bilingual (Spanish) real estate broker and manager with The Linda Craft & Team REALTORS in Raleigh, North Carolina.

Part of the "Triangle", Durham is home to the famous Duke University as well several prominent medical and technology firms based out of the Research Triangle Park. Currently undergoing a renaissance, Durham's downtown has been almost completely revitalized with the old tobacco warehouses (Durham is an old tobacco town) being converted into living areas and office spaces. 

While Real Estate is my profession, DJ Culture and Design is my passion. I am part of DJ group called Sound Cartel. We play electronic dance music, mostly house music at Mosaic Wine Lounge, Talullas and around the Triangle. I also create our graphics and maintain our website.



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