Maryland Short Sales 301-343-7671

Yesterday Bank of America announced that it has begun its implementation of a principal reduction program in conjunction with its home affordable modification program (HAMP). Under Bank of Americas new modification program, qualified homeowners will receive an earned “Principal Forgiveness” over a 3-5 year period.

In english Bank of America is proposing that they will cut the borrowers mortgage balance in order to make their payments more affordable. If the homeowners agree to terms and make their payments on time, the will be forgiven of a portion of the balance of their loan.

Being somewhat of a skeptic, I will believe this when I see it. While I believe that many lenders are trying to help homeowners, there is still too many layers of bureaucracy to make meaningful decisions in a timely fashion.

If you would like more information on Bank Of Americas modification programs, or other options to avoid foreclosure, such as a short sale or deed-in-lieu give me a call today at 301-343-7671 or drop me an email at jnewman@kwflagship.com

Well more details are coming out about Bank of Americas principal reduction plan.  In my opinion, Bank of America is using this plan to avoid more legal issues.  (there are several class action lawsuits filed by homeowners against Bank of America).  According to Bank of America this new plan is estimate to help a whopping 45,000 homeowners.  That’s right 45,000!!!!!!!!!.    These homeowners will have to qualify for the governments modification program and Bank of America may forgive up to 30% of the loan balance IF the homeowner maintains a solid payment history for 5 years.    So if you are a homeowner with a Bank of America loan, don’t get too excited.

Are you experiencing financial difficulties and looking for advice on the options available to you?  Contact me today,  I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.