Posts

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!
Read more