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Real Estate & Property Law

: The Home Equity Theft Reporter

BofA Wakes Up To Realities Of Offering Sustainable, Good Faith Loan Mods; Acknowledges That "Free Rent" Option Is Huge Incentive For Many Homeowners

By r morris

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CNBC's Reality Check blog reports:[Recently] executives at Bank of America rolled out their new "Principal Reduction Enhancement" program, which is an earned principal forgiveness plan for borrowers behind on their mortgages and whose loans are at least 20 percent underwater in value.***Why are they getting more aggressive on modifications? Because more borrowers are walking away. Yes, I know

Full post as published by The Home Equity Theft Reporter on June 08, 2010 (boomark / email).

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