BofA Rolls Out Plan to Forgive Principal
BofA Rolls Out Plan to Forgive Principal
Source: Interthinx (06/08/2010)
Daily Real Estate News | June 3, 2010 |
Bank of America announced Wednesday that it was rolling out a relief program for roughly 45,000 of its most troubled borrowers that would reduce mortgage principal by as much as 30 percent.
To be eligible, homeowners must have missed at least two monthly payments and owe 20 percent or more than their home is worth. Homes must have been originally financed by Countrywide Financial Corp. under specific lending programs. (more…)
Rick and Victoria
Q: How did you get involved with The HELP Program?
Victoria: I am a pharmacy technician and recently moved up here from California. We met online, started going out, got married, decided we wanted a house and we were looking around. We were kind of looking in the Boise area, but everything out there is kind of ridiculously priced. So, we were just looking a lot through the ads and we came across an ad in the paper that said “The HELP Program. If you make such and such amount, $45,000 a year or something like that, and are looking for a house, we can help. Call us.” So, I did and he told me a little bit about how the program works and I told my husband. He said, “Well, let’s call and see.” So we went in for an orientation and it sounded really good so we went ahead and hooked up with it and got a house. (more…)
Interview with Mark and Emily
Mark and Emily just walked through the house that they are going to buy through the HELP Program tomorrow. First off Mark, tell me a little bit about your experience before working with the HELP program in getting a mortgage and kind of what choices you were faced with.
Mark
Well the biggest choice I guess, was finding the house and finding the one we liked and going from there was pretty easy, painless, real simple.
When you tried to get a loan originally, tell me what they were offering you.
(more…)
