Mortgage and Note in Foreclosure Actions Mortgages are “secured transactions.” Secured Transactions are, essentially, collateralized loans. In secured transactions, borrowers give lenders an interest in some property (collateral) that will cover the amount borrowed if the borrower defaults. When someone buys a car, for instance, the car can be repossessed by the lender if the […]
Read MoreBank 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 […]
Read MoreBank 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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