Well more details are coming out about Bank of Americas principal reduction plan. In my opinion, Bank of America is using this plan to avoid more legal issues. (there are several class action lawsuits filed by homeowners against Bank of America). According to Bank of America this new plan is estimate to help a whopping 45,000 homeowners. That's right 45,000!!!!!!!!!. These homeowners will have to qualify for the governments modification program and Bank of America may forgive up to 30% of the loan balance IF the homeowner maintains a solid payment history for 5 years. So if you are a homeowner with a Bank of America loan, don't get too excited.
Are you experiencing financial difficulties and looking for advice on the options available to you? Visit www.mdshortsaleblog.com for more information on Loan Modifications, Short Sales and Foreclosure Prevention. I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.
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