What the heck is a an “earned principal forgiveness”? Some Bank of America customers may soon be finding out. Bank of America Corp. (BAC.N) on Wednesday said it would offer about $3 billion in loan forgiveness to about 45,000 troubled mortgage holders who are under water more than 120 percent of the value of their [...]
Entries Tagged as 'Making Homes Affordable'
Bank of America Announces New Mortgage Balance Reduction Program
March 25th, 2010 · 1 Comment · Mortgages
Tags: attorney general·bailout·bank of america·loan forgiveness·Making Homes Affordable·Mortgage·mortgage modification·mortgage principal·predatory lending
Mortgage Loan Modifications Are Happening!
June 17th, 2009 · 5 Comments · Mortgages, Real Estate
To all the nay sayers who say the new government programs for mortgage loan modifications are useless, I have a success story! A friend just did a successful mortgae loan modification. Her lender had been Countrywide (now Bank of America). She had not made a payment since September 2008 and had moved out of her [...]
Tags: 1040s·Countrywide·Hope Now·loan modification·loan restructuring·Making Homes Affordable·Minimum Payments·Tax returns·W-2s
Restructuring Mortgage Programs For Underwater, Subprime and Jumbo Loans
May 28th, 2009 · 2 Comments · Mortgages
The “Making Homes Affordable” Program introduced by the Obama administration is not limited to Fannie and Freddie Mac loans, also known as conventional or conforming loans . There are actually two sets of loan programs under the Making Homes Affordable (MHA) program. One program is called Home Affordable Refinance, and is for conforming loans on [...]
Tags: conforming·Fannie Mae·Freddie Mac·loan restructuring·Loans·Making Homes Affordable·Mortgage·Refinancing
