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Bank of America Prepares Mortgage Write Downs in California
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Bank of America Prepares Mortgage Write Downs in California
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Bank of America Prepares Mortgage Write Downs in California

March 29, 2011 (Jeff Alan)
mortgage- KYHBanner-image
Bank of America has announced that they will begin soliciting homeowners who are eligible for mortgage prinicipal write downs as part of the Treasury Department’s Hardest Hit Fund being implemented through the California Housing Finance Agency (CalHFA).

The state has received almost $700 million in funds as part of the Obama Administrations Hardest Hit Fund which provides additional funds for anti-foreclosure programs in the states that have been hardest by the current economic downturn.

As part of that program, Bank of America is beginning a pilot program allowing some California homeowners the opportunity to receive mortgage principal write downs.

A spokesperson for CalHFA said that there is no set funding limit at this time for the amount of loans that Bank of America is targeting “unless they blow us out of the water.”

“We’re really excited to get the program going,” the CalHFA spokesperson said.

CalHFA is in talks with other mortgage lenders and mortgage servicers and reports that they have also recruited Ally Financial and Guild Mortgage Company to participate in the mortgage principal write down program.

Bank of America announced at the beginning of March that it was ready to launch a similar program in Arizona and that they were finalizing plans with the state of Nevada to provide a mortgage principal reduction program there too. The state of Arizona hoped to be able to provide assistance for up to 8,000 homeowners.

“Since the Obama administration established the Hardest Hit Fund initiative one year ago, Bank of America has worked closely with both the Department of Treasury and state housing agencies to design and implement the program to provide interim payment assistance to unemployed borrowers, as well as funding for loan modification assistance to delinquent borrowers,” said Terry Laughlin, head of Bank of America’s Legacy Asset Servicing.

Tags: Bank of America, Hardest Hit Fund, CalHFA, anti-foreclosure programs, economic downturn, mortgage principal write downs, loan modification

Sources:
HousingWire.com
LoanRateUpdate
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March 29, 2011 (Jeff Alan)
mortgage- KYHBanner-image
Bank of America has announced that they will begin soliciting homeowners who are eligible for mortgage prinicipal write downs as part of the Treasury Department’s Hardest Hit Fund being implemented through the California Housing Finance Agency (CalHFA).

The state has received almost $700 million in funds as part of the Obama Administrations Hardest Hit Fund which provides additional funds for anti-foreclosure programs in the states that have been hardest by the current economic downturn.

As part of that program, Bank of America is beginning a pilot program allowing some California homeowners the opportunity to receive mortgage principal write downs.

A spokesperson for CalHFA said that there is no set funding limit at this time for the amount of loans that Bank of America is targeting “unless they blow us out of the water.”

“We’re really excited to get the program going,” the CalHFA spokesperson said.

CalHFA is in talks with other mortgage lenders and mortgage servicers and reports that they have also recruited Ally Financial and Guild Mortgage Company to participate in the mortgage principal write down program.

Bank of America announced at the beginning of March that it was ready to launch a similar program in Arizona and that they were finalizing plans with the state of Nevada to provide a mortgage principal reduction program there too. The state of Arizona hoped to be able to provide assistance for up to 8,000 homeowners.

“Since the Obama administration established the Hardest Hit Fund initiative one year ago, Bank of America has worked closely with both the Department of Treasury and state housing agencies to design and implement the program to provide interim payment assistance to unemployed borrowers, as well as funding for loan modification assistance to delinquent borrowers,” said Terry Laughlin, head of Bank of America’s Legacy Asset Servicing.

Tags: Bank of America, Hardest Hit Fund, CalHFA, anti-foreclosure programs, economic downturn, mortgage principal write downs, loan modification

Sources:
HousingWire.com
LoanRateUpdate
LoanRateUpdate

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

March 29, 2011 (Jeff Alan)
mortgage- KYHBanner-image
Bank of America has announced that they will begin soliciting homeowners who are eligible for mortgage prinicipal write downs as part of the Treasury Department’s Hardest Hit Fund being implemented through the California Housing Finance Agency (CalHFA).

The state has received almost $700 million in funds as part of the Obama Administrations Hardest Hit Fund which provides additional funds for anti-foreclosure programs in the states that have been hardest by the current economic downturn.

As part of that program, Bank of America is beginning a pilot program allowing some California homeowners the opportunity to receive mortgage principal write downs.

A spokesperson for CalHFA said that there is no set funding limit at this time for the amount of loans that Bank of America is targeting “unless they blow us out of the water.”

“We’re really excited to get the program going,” the CalHFA spokesperson said.

CalHFA is in talks with other mortgage lenders and mortgage servicers and reports that they have also recruited Ally Financial and Guild Mortgage Company to participate in the mortgage principal write down program.

Bank of America announced at the beginning of March that it was ready to launch a similar program in Arizona and that they were finalizing plans with the state of Nevada to provide a mortgage principal reduction program there too. The state of Arizona hoped to be able to provide assistance for up to 8,000 homeowners.

“Since the Obama administration established the Hardest Hit Fund initiative one year ago, Bank of America has worked closely with both the Department of Treasury and state housing agencies to design and implement the program to provide interim payment assistance to unemployed borrowers, as well as funding for loan modification assistance to delinquent borrowers,” said Terry Laughlin, head of Bank of America’s Legacy Asset Servicing.

Tags: Bank of America, Hardest Hit Fund, CalHFA, anti-foreclosure programs, economic downturn, mortgage principal write downs, loan modification

Sources:
HousingWire.com
LoanRateUpdate
LoanRateUpdate

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS