Bank of America to forgive some second mortgages

As part of Bank of America’s ongoing efforts to help customers in need of mortgage assistance, imagethis company is in the process of mailing approximately 150,000 letters to pre-qualified homeowners offering automatic extinguishment of their second lien mortgages. The intention of the program is to place homeowners in an improved financial situation by reducing their monthly debt obligations and, potentially, help them create equity in their property.

Letters that began mailing in July 2012 and continue through the end of this year inform predetermined eligible homeowners that the full balance of their Bank of America-owned and -serviced second lien mortgage will be forgiven and the bank’s lien on the collateral property will be released free and clear, unless the customer opts out of this relief offer within 30 days of receiving the letter.

Questions and Answers

What is the second lien mortgage elimination offer?

We are offering eligible customers who are behind on their home loan payments the opportunity to have their remaining second lien mortgage debt eliminated.  With this offer, the full unpaid principal balance on the second lien mortgage will be eliminated.

Who is eligible for the offer?

To qualify, customers must currently have a second lien mortgage owned and serviced by Bank of America that meets certain threshold delinquency or property value criteria, or a second lien mortgage associated with a first lien mortgage that is severely delinquent. Only second lien mortgages owned and serviced by Bank of America are eligible for this extinguishment program. It does not matter who owns and services the first lien mortgage. The vast majority of the second lien mortgages eligible for this program are in default in their subordinate lien position. A small number of second lien mortgages that are paid current will be extinguished if they are associated with a first lien mortgage that meets the program criteria.

Eligible customers will receive letters from Bank of America via Federal Express or certified mail, explaining the offer to have their second lien mortgage debt eliminated. Mailings began in late July. At this time, only customers receiving letters will be eligible for the program. Customers cannot request to be part of the program.

More info here

About mrwilliamsburg

I love Williamsburg !
Being “Mr. Williamsburg” and starting my web site in 2004 has been a great way for me to help people looking for homes for sale, communities and an “insider knowledge.” of the area.
Turned out I was onto something. Because I offer in-depth information and up-to-the-minute blogging, even international clients have found me. One couple, moving back to the States from France, told me that a post I wrote blog about grocery shopping in Williamsburg convinced them that Williamsburg was the place to be, and that I was the best source by far that they found on the web.
I’m happy to say that I hear similar comments from many of my clients looking for homes throughout Williamsburg and Hampton Roads.
I grew up in Virginia Beach, Va, After attending college, I worked at a number of positions including manager of a land development and construction company and business manager of a cut flower business that we grew in sales from $300,000 to $15 million (we were supplier to Whole Foods and one of the first cut flower suppliers to Costco).
In 2004, it seemed like a good time to simplify my life. I moved my family from Annapolis to Williamsburg. I went into real estate with Liz Moore and Associates, and was one of the initial agents when Liz opened her Williamsburg branch.
My sons Zach and Josh attend Lafayette High School and Hornsby Middle School and are crazy about sports and the outdoors.
I feel lucky to be living the dream, and saving two to four hours by not driving on the DC beltway every day. So, I can now spend my time with family while concentrating on learning — and sharing — information about living in Williamsburg.
In real estate, no two people or transactions are the same. Everything’s a challenge, and I’m rewarded every time in close a transaction and have the opportunity to see the smiles on clients’ faces.
Please email or call me for assistance with any real estate questions about the area
John@MrWilliamsburg.com or 757 254 8136