Lodinews.com

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

President’s Corner Homeowners underwater may get some breathing room

Print
Font Size:
Default font size
Larger font size

Diane Gallagher

Posted: Friday, March 16, 2012 2:13 pm | Updated: 2:24 pm, Fri Mar 16, 2012.

Wow, here is a breakthrough from Bank of America. A report came from Washington stated that Bank of America said last Friday, it would reduce the amount owed by underwater homeowners by about $100,000.  

This would affect as many as 200,000 homeowners.

Bank of America spokesman Richard Simon stated, “as part of a $1-billion side deal to the $25-billion foreclosure settlement.”

You ask who is eligible?  Homeowners who are underwater are eligible if they have a loan serviced by Bank of America and were at least 60 days delinquent on their mortgages as of January 31st.

Only loans owned by Bank of America or private investors are eligible, and those include mortgages originated by Countrywide Financial Corp. The Calabasas based subprime lender who was acquired by Bank of America in 2008.

Richard Simon also said, “Loans owned or backed by Fannie Mae, Freddie Mac, the Federal Housing Administration or the Veterans Administration are not eligible, for this program.”  Even though 200,000 homeowners will be eligible, not all will participate in the program.

The bank will begin reaching out to homeowners next month. It has three years to complete the principal reductions, but the settlement offers incentives for them to be completed within a year of the settlement’s completion, so, Simon anticipated the process would move “fairly quickly.”

Bank of America mortgage customers can call 877-488-7814 to see if they’re eligible and for more information.

Now about our market!  Our market is still very low.  In the Lodi area there are only 117 single family homes that are short ssales, foreclosures (REO) and of course, your regular seller.  So remember, when you’re with your Realtor there might not be a lot to choose from.  You must be consistent in looking and do not give up with your Realtor.  They are doing the best they can with the inventory out there and with the criteria you have given them. So, good luck house hunting. See you next week!

Diane Gallagher is the president of the Lodi Association of Realtors. She can be reached at larpres2012@yahoo.com.

Rules of Conduct

  • 1 Use your real name. You must register with your full first and last name before you can comment. (And don’t pretend you’re someone else.)
  • 2 Keep it clean. Please avoid obscene, vulgar, lewd, racist or sexually oriented language.
  • 3 Don’t threaten. Threats of harming another person will not be tolerated.
  • 4 Be truthful. Don't lie about anyone or anything. Don't post unsubstantiated allegations, rumors or gossip that could harm the reputation of a person, company or organization.
  • 5 Be nice. No racism, sexism or any sort of -ism that is degrading to another person.
  • 6 Stay on topic. Make sure your comments are about the story. Don’t insult each other.
  • 7 Tell us if the discussion is getting out of hand. Use the ‘Report’ link on each comment to let us know of abusive posts.
  • 8 Share what you know, and ask about what you don't.
  • 9 Don’t be a troll.
  • 10 Don’t reveal personal information about other commenters. You may reveal your own personal information, but we advise you not to do so.
  • 11 We reserve the right, at our discretion, to monitor, delete or choose not to post any comment. This may include removing or monitoring posts that we believe violate the spirit or letter of these rules, or that we otherwise determine at our discretion needs to be monitored, not posted, or deleted.

Welcome to the discussion.

Play it safe and make your fireplace ready for winter

It’s getting closer to the time of year when there’s a fall chill in the air, and one of the nicest parts about cold weather is sitting by a blazing fire. Most likely, you haven’t used your fireplace since February. It’s unwise to just toss in some wood and a match without any proper maintenance beforehand, so what can you do now to ensure you’re ready for cozy fireside nights when the weather cools?

Posted: November 18, 2014
Comments (0)
more »

Loan Calculator

Your News

News for the community, by the community.

Featured Events

CREATE AN EVENT

Mailing List

Subscribe to a mailing list to have daily news sent directly to your inbox.

  • Breaking News

    Would you like to receive breaking news alerts? Sign up now!

  • News Updates

    Would you like to receive our daily news headlines? Sign up now!

  • Sports Updates

    Would you like to receive our daily sports headlines? Sign up now!

Manage Your Lists