BofA Debuts Plan for Underwater Mortgages
by Tayeb Realty Group on March 25, 2010
Bank of America will announce a program Wednesday to allow underwater borrowers to systematically reduce the principal they owe over five years, as long as they stay current on payments.
The program targets borrowers who owe more than 120 percent of their home’s worth.
BofA is also expected to reduce principal balances on “payment option” ARMs with negative amortization to as low as 95 percent of property’s value.
Beginning in May, BofA is expected to identify and notify homeowners it believes are eligible for these adjustments.
—
Source: Reuters News, David Lawder (03/24/2010)
Tagged as:
ARMs,
Bank of America,
BofA,
borrowers,
homeowners,
mortgages,
negative amortization,
property values,
underwater borrowers,
Underwater Mortgages
Tell Others What You're Reading!
Connect with me!
Hello and welcome to New York Real Estate Access, your exclusive source of insightful information and updates about the real estate market in New York.
This service is brought to you by Tayeb Realty Group of Realty Executives, a team of passionate, enthusiasts specializing in the New York real estate market.
We want to hear from you. Do you have a question(s) about the real estate market? Is there a topic you would like to hear more about? Some people are bound to have great things to say, while others might have a few choice of words based on their personal experience. Either way, we want to hear it!
John & Raja Tayeb,
Tayeb Realty Group | Realty Executives Today
32-56 Steinway Street | Long Island City, NY 11103
Tel: 917-379-6364
Fax: 718-932-1181
tayebgroup@aol.com
New York Real Estate News, View and Updates!
Tayeb Realty has written 281 articles on this blog.
{ 1 trackback }
{ 1 comment… read it below or add one }
Very enlightening and beneficial to someone whose been out of the circuit for a long time.
- Kris