Bank of America will cut mortgage loan amount for underwater homes

Real Estate Agent with HomeSmart Realty Group FA100016250

Here is some good news for people who own distressed properties. This article from USA Today talks about this new program at Bank of America starting in May. In the article "The bank said to avoid foreclosures, it will start forgiving principal for homeowners who owe more than 120% of their home's value and meet other qualifications." To read the full article click here.

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Jeana Cowie
RE/MAX Real Estate Limited - Paramus, NJ
Broker Associate, ABR, CRS, GRI, SRES


Thanks for posting this article.

Mar 28, 2010 03:53 AM #1
Charlie Ragonesi - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

You know these guys made this problem so it is about time they paid the price too. Good news and it is about time. Thanks for the info I was unaware of this

Mar 28, 2010 03:58 AM #2
Catina Wright
Lake & Land Realty - Rocky Mount, VA
Your franklin county va expert

I agree 100% with Charlie. Thanks for the post.

Mar 28, 2010 03:59 AM #3
Wendy Rich-Soto, Realtor/Broker Associate
Keller Williams Realty, LA Harbor - San Pedro, CA
Getting you to your next with a zero failure rate!

This is a going to be great news for many people under water. Thanks for posting!

Mar 28, 2010 04:05 AM #4
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