Skip to comments.Bank of America forgiving mortgage loans
Posted on 05/08/2012 10:05:22 AM PDT by edcoil
Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.
The reduction for qualifying homeowners could amount to monthly savings of up to 35 percent on mortgage payments, Bank of America said in a news release on Monday evening.
(Excerpt) Read more at finance.yahoo.com ...
No freedom loving American should have anything to do with BofA.
OK. Wow. I haven't seen that movie in, years, but that is exactly what came to mind with that single still.
How come I can't remember someone's name that I met 5 mintes ago?
AVERAGE of $150K?
Hell, that would pay my mortgage off!
What a responsible fool I have been! I should have stopped my mortgage payments when I was laid off.
You are absolutely right. BOA is a good example of what happens to those who think they can bend under the pressure and survive. These thugs need to hit a brick wall in every way no matter what from day one.
All you have to do is ruin your credit rating for 7 years, and you get a deal : )
So, Bank of America wants to reward their deadbeats while their honest, responsible customers get nothing.
Tomorrow I am closing my BoA checking and savings accounts as well as my credit card.
I will do my part. Screw them.
I have resisted refinancing precisely because I don't trust what will be buried in the contract vis-a-vis "updated user agreement."
Rewards for the irresponsible!
"From each according to his ability, to each according to his needs."
I buy a new Car. I drive it off the lot and the value drops
10% as soon as the tires hit the asphalt on the public highway.
I go home and miss a few payments while I cruise around without a care in the world. The Bank sends me a letter telling me that they will forgive a third of what I owe on the car and my Payment will adjust down accordingly.
I just read something about this deal that seems funny.
This applies to mortgages owned by B of A. Does not apply to mortgages owned by Freddie and Fannie.
Doesn’t F&F own all the mortgages issued since about 2007 or 2008?
If that’s the case, then no one will qualify.
Given the corrupt nature of obama run banks, I would bet that all this is for show, obama takes the credit, and no one comes out better for the show.
Ptomkin banking at it’s best.