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Principle Reduction by Bank of America in Seattle Metro [Video]

One of our Short Sale clients for a home in Lynnwood, WA, which is part of the greater Seattle Metro in Washington State, just sent us this letter about principle reduction.  The letter is from Bank of America stating that they are approved for a full principle forgiveness of their Home Equity Account.  The Heloc from B of A was a 2nd mortgage.  We were in process of getting a short sale completed, when B of A decided to go the route of principle reduction instead of short sale.  With this debt forgiveness our client is no longer in a negative equity situation, the payments on the home are now affordable and they even have a small smidgeon of equity.  B of A has supposedly sent out 200,000 of these letters as part of their Robo Signing settlement.  The robo signing settlement was the governments look into the foreclosure process by banks. Check out the video!
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SOLD: Great Circle Bluff Townhome in Arlington MLS 378023

This Circle Bluff townhouse is located close to town and only minutes from I-5, shopping & Costco. You have your own private garage and backyard. Located on a dead-end road. 3 bedrooms upstairs and an Open floor plan on main level. B of A/Merrill Lynch Prequal req’d on all offers. B of A, NA employees & employees household member and HTS business partners of the the bank are prohibited from purch property, whether directly or indirectly. Allow 2-3 for seller’s response.

Bank of America’s “Mortgage to Lease” Program Bad For Homeowners?

Last week Bank of America announced they are launching a pilot program, “Mortgage to Lease,” that will allow delinquent borrowers to rent instead in lieu of foreclosure.  The program will initially be limited to 1,000 homeowners in Arizona, Nevada and New York; but could expand if the program is successful.

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Foreclosure Settlement Could Make Mortgage Refinance Proposal A Reality

Mortgage Refinance Proposal a Reality?? Perhaps.

Federal and state officials have reached a $26 billion foreclosure settlement with five of the largest home mortgage lenders in the country. According to the settlement agreement, Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial will pay a total of $5 billion each to the states. Foreclosed homeowners will receive a portion of that money while the balance will go to the states. Forty-nine states are involved in the settlement, including Washington (Oklahoma excluded); but the agreement does not bar future criminal prosecution of the home mortgage lenders.
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