Principal Reduction Program Offered by Bank of America

This is the first time a major bank has come out in favor of reducing principal and not just adjusting interest rates.  The program aims to offer relief to Americans upside down by more than 20%.  In many states where sub-prime mortgages were rife, Arizona, California, Florida, homes are underwater by at least half or more.  This program offers a reprieve, if it actually will be honored, but will not put homeowners on par with the value of their homes in many cases.  The following is another point of view by Kenneth R. Harney.  

“For hundreds of thousands of homeowners who are underwater on their mortgages, it’s been a tantalizing question: Is there any way that our lender might agree to lower the amount we owe — not just the monthly payments but the principal debt itself?

Until now, the answer almost always has been a resounding no. Lenders and investors were willing to cut interest rates, reschedule payments, even write off some late fees, but they were dead-set against forgiving even a dollar of the principal balance owed. The Obama administration’s loan-modification programs have carefully sidestepped the subject as well, focusing on lowering troubled borrowers’ monthly payments to more affordable levels rather than actually wiping out debt.

But the outlook for principal reductions may be on the verge of significant change. Bank of America recently unveiled the mortgage industry’s first large-scale principal forgiveness program, potentially involving up to 45,000 underwater borrowers and $3 billion in debt write-offs.

Meanwhile, Treasury Department officials confirmed that the administration is examining debt forgiveness options as potential add-on features to its existing mortgage-modification programs. The program changes could be announced within the next few weeks and, if adopted by the industry, could ultimately affect loan modifications offered by substantial numbers of banks and mortgage companies.

Bank of America’s new program targets borrowers who are deeply underwater — those with loan-to-value [LTV] ratios of 120 percent or more. This means they owe at least 20 percent more on their mortgage balances than the current market price of their homes. There is no limit on how far underwater borrowers can be, but the program has a 30 percent maximum reduction of any principal balance.

Barbara Desoer, president of Bank of America Home Loans, said the program attempts to address the problems of the most “severely underwater mortgages with some of the highest rates of delinquency,” and it could “become an industry model for principal reductions” on a far broader scale…..”

The full article here….

Principal Reduction Program Basics

For families wanting a principal reduction, we have the guaranteed cutting edge solution for every homeowner whether you are current, late, contemplating a short sale or facing foreclosure.

Are you upside down in your mortgage?  No problem. We will reduce your principal down to 95% of your current home value, not your current loan amount.

Once your principal is reduced we will find you a 30 year, low, fixed rate loan to refinance your property at up to 95% of the current market value of your home, regardless of your credit.

Our Principal Reduction/Refinance Program was designed to help home and property owners with their current mortgage balances and monthly mortgage payments by reducing their outstanding principal to reflect up to 95% of current market values.  Similar to a short pay refinance but not quite the same, we are securing great money saving mortgages for our clients through bulk purchases of these notes.

How our program works:

• We will negotiate with your lenders to purchase your mortgage note on your home directly from your lender up to 95% of current market value.
• We will provide you with refinancing options for a new mortgage loan, not based on your FICO/credit score but on your income and employment.  You can qualify with good or bad credit.  Some restrictions apply depending on the state you live in.
• Your new mortgage amount will be up to 95% of the current market value of your home/property.

You have absolutely nothing to lose and everything to gain.

The sooner you contact us, the sooner we can help you.

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Calculating Your Principal Reduction Savings

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Principal Reduction Agent Enrollment Package

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The Kit will be delivered via email as soon as you complete all the steps to enroll.

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Who Needs a Principal Reduction?

Are You Paying too Much?

Our finance program reaches past traditional financing while still providing you a loan with conventional terms.

We can save your home by reducing your mortgage debt, finding you a new loan and more.

• Are you forced to short sale your house but want to stay in it?  We can help.
• Owe back taxes and months behind on your mortgage payments?   We can help.
• Current on your payments but tired of paying for something worth half the value?  We can help.
• House too expensive for you at any price?  We can help.
• Want to sell your house because of a job transfer but don’t have any equity?  We can help.
• Are you tired of waiting for a loan modification to come through that doesn’t even offer principal reduction? We can help.

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We will reduce your debt, your payments, interest rate, back taxes, provide better terms and get you out of those ugly loans.

We understand the fear and frustration you’re feeling as a result of your financial hardship. We are dedicated to helping you out, relieving your situation with your home and eliminating your stress.

Every file we receive is carefully reviewed and underwritten in order to properly qualify every homeowner who applies for this program so that we can move as quickly as possible to process all transactions and provide a quality Principal Reduction for the homeowner.

Honest and ethical, we have committed ourselves to helping the millions of struggling homeowners who are now being touched by this national financial tragedy.

Our consultants have been extensively trained and will listen to your unique situation, ask you important questions to determine if your situation qualifies, and if so, they will work with you to develop a strategy which will be most beneficial to your situation.

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Nobody, But Nobody Can Do What We Can!!!!

• Keep the home you love
• Enjoy a reduced principal
• Enjoy a simple, 30 year, low, fixed rate loan
• Never lose Title or Ownership of your home
• Not a lease option program
• No Tax Repercussions or Credit Implications
  
• We guarantee results

We are helping families nationwide.  See if you qualify…..go here

Principal Reduction Agent Enrollment

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You are on your way to helping families stay in their homes-affordably!

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