Tag: mortgages

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The Role of the Mortgage and Note in Foreclosure Actions

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 […]


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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 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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News: President Obama to Announce New Plan for Underwater Homeowners

The Wall Street Journal reports that the President will announce a “short refinance” program on Tuesday. Under this program: banks and other creditors that write down mortgages to less than the value of the property can essentially hand off the reduced loan to the government. The process involves refinancing borrowers into loans backed by the […]


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News: Fannie Mae Offers Foreclosure Options

Fannie Mae recently launched KnowYourOptions.com In its Press Release, Fannie Mae states that: This website is “a new consumer education Web site that outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.” This website […]


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