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Loan Modification

: The Truth About Mortgage.com

Bank of America Wants You to Earn Principal Forgiveness

By scot184

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Bank of America announced a new strategy today to tackle the pesky underwater mortgages on its books, many acquired via its merger with Countrywide. The so-called “earned principal forgiveness” initiative will target borrowers with subprime loans, option ARMs, and prime two-year hybrid ARMs. For loans at least 60 days delinquent with current loan-to-value ratios of 120 percent [...]

Full post as published by The Truth About Mortgage.com on March 24, 2010 (boomark / email).

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