Have you been quick to toss out the seemingly endless mailings from Bank of America? Well we’re not ones to encourage trash picking but this could possibly save you BIG BUCKS in the long run. No matter who your first mortgage loan is with, if you have a Bank of America second mortgage then listen up: Bank of America is continuing to roll out programs targeted to clients with distressed properties throughout the country and this time it’s for those with second mortgages with Bank of America. In hopes of improving the homeowners monthly debt to income ratio the bank is now offering to release them from their 2nd loan and possibly create equity in the property.
Of course there’s always a catch when banks are involved and the known ones now are that the mortgage must be seriously past due and still owned by them and not been sold to a debt servicing company. Here’s where the trash picking comes into play… you MUST have received a Bank of America Letter/Notice offering them to cancel the second loan obligation. It sounds awful now but imagine one of your bigger, monthly payments being wiped clean as “Paid & Closed” on credit report along with no further pursuance of the debt by Bank of America.
Time will tell how well this opportunity plays out and whether there are more qualifications or tiny print to it but if you’ve answered yes so far, go wash your hands and give us a call to see about getting your Bank of America second loan discharged!
If you do not meet this criteria and didn’t get the invite to the magical Bank of America ball then although this program doesn’t match your needs there’s still hope out there. The Dream Homes Team is a preferred agent partnered with Bank of America to discuss your specific situation and which program meets your needs. Call us today! (386) 214-5290 or email Info@TheDreamHomesTeam.com