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Mortgage Forgiveness and Bankruptcy

Mortgage Forgiveness and Bankruptcy Bank of America mortgage forgiveness and bankruptcy Recently we have written about Bank of America forgiving second mortgages and the National Mortgage Servicer Settlement. Many homeowners facing foreclosure are anxious to find out if their second mortgage will be forgiven by Bank of America. Well, it appears that one pattern may have emerged. […]


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National Mortgage Servicer Settlement Progress

National Mortgage Servicer Settlement Progress Report We previously wrote about the 25 billion dollar National Mortgage Servicer Settlement and how it, supposedly, helps distressed NY homeowners. The affected servicers are: Bank of America: 877-488-7814 Citibank: 866-272-4749 Chase: 866-372-6901 GMAC/ALLY: 800-766-4622 Wells Fargo: 1-800-288-3212 The above servicers have agreed to provide at least $25 billion in […]


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Bank of America Mortgage Forgiveness Q & A

Bank of America Mortgage Forgiveness Bank of America Mortgage Forgiveness Q & A Just in case you missed or did not follow the link to the BOA Press Release.  Here is the informative “Questions and Answers” section from the Press Release: Questions and Answers 1. What is the second lien mortgage elimination offer? We are […]


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Bank of America Forgiving Second Mortgages

Bank of America Forgiving Second Mortgages BOA eliminates the full unpaid principal balance on some second mortgages. Bank of America recently announced that it will be forgiving 2nd mortgages, for some homeowners,  “under Bank of America’s participation in the 2012 national mortgage settlement.” We will be writing more about the 25 billion dollar National Mortgage […]


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Bank of America Reduces Mortgages!

Bank of America Reduces Mortgages by Forgiving a Portion of the Principal. For those of you who have not heard the breaking news, Bank of America has begun to forgive a portion of the principal on certain people’s mortgages. The NYT is reporting that “Bank of America has started sending letters to thousands of homeowners […]


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Bank of America Mortgage to Lease Program

Rent your home from BOA under its “Mortgage to Lease Program.” Bank of America (BOA) recently issued a Press Release outlining a “Limited Pilot Test” of their “Mortgage to Lease Program.” Under this program some BOA mortgage customers will be allowed to deed their homes to BOA and become renters instead of owners. From the […]


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Bank of America to Reduce Mortgages

Bank of America to Reduce Mortgages According to a recent AFP article: Bank of America has reached a side agreement with US authorities that could reduce the mortgages of some 200,000 borrowers….Bank of America borrowers are expected to receive reductions averaging more than $100,000… This is very interesting! We will be contacting BOA today! Updated […]


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Mortgage Servicing Settlement

Mortgage Servicing Settlement The following Excerpts are from a recent Press Release by NY Attorney General Eric Schneiderman regarding mortgage servicing settlement: A.G. SCHNEIDERMAN SECURES $136 MILLION FOR STRUGGLING NEW YORK HOMEOWNERS IN MORTGAGE SERVICING SETTLEMENT After Schneiderman’s Persistence, Narrow Settlement Preserves Sweeping Legal Claims For Housing Crisis Misconduct That Has Not Yet Been Investigated […]


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News: Banks to reduce mortgage balances?

The following is from the Huffington post: The nation’s five largest mortgage firms may be forced to reduce loan balances for distressed homeowners as part of an agreement with state attorneys general and the Obama administration to settle claims of faulty mortgage practices, a top state official involved in the negotiations said Tuesday. The proposal […]


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News: BOA to Resume Foreclosures

It appears, based on the following article, that BOA will be resuming foreclosure proceedings in NY and 22 other states. As we stated earlier, we doubt that foreclosures were ever really halted in NY (see our earlier post on NY foreclosures). Alan Zibel, AP Real Estate Writer WASHINGTON (AP) — The pace of U.S. home […]


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