Phoenix Short Sale & Foreclosure Candidates Should Check Out The BofA Principal Reduction Program

By
Real Estate Broker/Owner with Summit Home Consultants

If you’re deep underwater on your Bank of America mortgage, B of A’s new principal reduction program might be just the lifeline you need to avoid foreclosure. Like many of the possible housing and/or mortgage fixes out there, it’s not for everyone. Homeowners considering a Phoenix short sale should look at this program as a possible solution.  Could this new program be the solution to your mortgage problem?

How the Bank of America Principal Reduction Program Works

If you currently owe more than your home is worth, and your mortgage meets the parameters for the program, Bank of America might be willing to reduce the amount of principal owed on your mortgage loan over a 3-5 year period, if:

  • Your loan is NOT backed by Fannie Mae, Freddie Mac, FHA, or VA (this could be a tough condition to meet; more than 70% of all mortgage loans are backed by these four mortgage giants)
  • You were at least 60 days late on your mortgage payments on January 31, 2012
  • Your mortgage loan was originated between 2005-2009
  • Your loan fits into the “sub-prime” category, was issued by Countrywide Financial, or is owned by BofA or one of it's private investors.
Continue reading about the new BofA Principal Reduction Program...
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Rainer
71,855
Bas Panch
SCV Home Buyer - Valencia, CA

Hi Bob. Thanks for sharing this useful information. You are truly one of the phoenix short sale agents to look up to.

Mar 22, 2012 11:06 AM #1
Rainmaker
262,573
Kim & Kristine Halverson
Compass - Santa Monica, CA
Sisters, Realtors

Hi Bob! Thank you for the Informative Blog.I know that you will stay on top as one of the Phoenix short sales agent.Best Wishes to you!

Mar 28, 2012 04:32 PM #2
Ambassador
2,698,060
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Great choice of blog here,definitely helpful and informative.Good luck on this and Stay top notch Phoenix Short Sale Agent. 

 

Apr 25, 2012 05:27 AM #3
Rainer
385,137
Sidney Kutchuk
Property Management & Sales at REALTY WORKS TEMECULA, CA 92590 (951) 217-6745 - Temecula, CA
Property Management & Sales Experts 951-217-6745

Hi Bob,Great advice here.They should check out this program,I'm sure this will be a great help to them.If Bob Hertzog recommend something I would definitely listen to him.You're definitely the best Phoenix Short Sale Agent.Good job!

 

May 02, 2012 02:53 AM #4
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Rainer
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Bob Hertzog

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