5 banks to soon offer Mortgage Relief

By
Real Estate Agent with Home Buyers Marketing II, Inc. Broker/Realtor VA,MD,DC

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 Stop foreclosurerelief 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...........

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Deandrea "Dee Dee" Jones                                                          

Broker/ Realtor  Washington DC/VA&MD

Home Buying Marketing II, Inc.

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Show All Comments
Rainer
83,125
Michael Maynard
New Neighbors Realty - Milford, CT

Thanks Dee Dee good information to have to pass along to our clients!

May 08, 2012 05:54 PM #1
Rainmaker
239,923
Ryan & Sheri MacDonald
Re/Max First - Calgary, AB
Calgary Home Team

Good to hear that the banks are steping up. This should help the economy in a big way. I'm sure the banks can take a little more of a hit. Cheers, Ryan

May 08, 2012 06:16 PM #2
Rainmaker
543,991
Gretchen & Mel Ahrens
ColumbiaGorgeFSBO.com - Hood River, OR

What good news for so many people. It's going to be welcome relief to so many people.

May 08, 2012 06:41 PM #3
Rainer
95,774
Kelly McGovern
William Raveis Brickstone Residential - Bellingham, MA
Working with Kelly is a good move!

Finally!!  too bad its late for so many but I guess better late than never

May 08, 2012 07:37 PM #4
Show All Comments
Rainmaker
150,424

DeAndrea "Dee Dee" Jones

The Northern VA Real Estate Lady
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