Bank of America Offered to Lower Mortgage Principal for Some
One home owner has been considering a short sale for his home and received an unsolicited lown modification offer from Bank of America to reduce the principal of the mortgage.
Isn't this interesting? The bank is offering to reduce his principal amount by more than $100000! Read additional details from here
| When people drive between home and work, they often hear the radio ads about loan modification. Not all homes need a loan modification, the ads are usually targeted towards those who owe more than the home's worth. For those prudent home owners who resisted the temptation to get any home equity out of the home and spent on cars and vacations, they can only sigh. Why are they left out? Maybe they should get a loan modification and get the principal reduced? On the other hand, the people who took money out of the home and spent it contributed to the booming of the economy. In theory, they are consuming more than those who keep their equity intact. So it is fair after all. |