Have a mortgage with Bank of America? Then Your bank is the first to step up..............
If you are one of the select few, you may receive a mailing soon from Bank of America offering a mortgage relief package.
As part of a recent settlement Bank of America is forced to offer to HUNDREDS OF THOUSANDS of their customers a mortgage forgiveness program.
The details will be in the letter but in essence will forgive a part of the principal balance of their mortgage. Over 200,000 candidates will be eligible half the letters are being mailed this week and many more will be mailed later this year.
According to the Department of Justice:
If you are not a B of A customer do not get upset, there are 5 banks total included in this $25 Billion dollar lawsuit so your bank may be stepping up next.
The National Mortgage settlement announced "The deal will reduce loans for only a fraction of those Americans who owe more than their homes are worth. It will also send checks to others who were improperly foreclosed upon. But the amounts are modest."
for many in Hampton Roads this good news comes a little to late, but those who can benefit should be aware.
The guidelines announced back in February were as follows:
whose eligible must:
- Owes more on the mortgage than the property is worth today.
- Was at least 60 days behind on payments on January 31, 2012.
- Has a contractual monthly payment for principal, interest, property taxes, hazard insurance and any applicable homeowner association fees totaling more than 25 percent of gross household income.
- Has a loan that is owned and serviced by Bank of America, or serviced for another investor that has given the bank delegated authority to do such modifications.
To see a copy of what the letter will look like CLICK HERE
For more info follow updates at the Department of Justice
This info passed on by Th Hampton Roads Real Estate Lady...........