Bank of America set to write down principal on California mortgages

The following are the basic criterion to be eligible for a Bank of America Mortgage. You should be able to manage your monthly payments along with your monthly expenses comfortably. You should have a good credit history so that your lenders are confident that you will be able to make payments.

Bank of America to Write Off Principal on Some Mortgages Bank of America (BofA) will forgive up to 30 percent of the balance owed on certain at-risk mortgages as part of its loan modification efforts to assist homeowners in avoiding foreclosure, the bank has announced.

Bank of America recently unveiled the mortgage industry’s first large-scale principal forgiveness program, potentially involving up to 45,000 underwater borrowers and $3 billion in debt write-offs.

 · 3 Down Mortgage. A 3% down mortgage requires a minimal down payment and is reserved for buyers with excellent credit. With this type of mortgage, the lender fronts 97% of the home’s selling price. 5 Down Mortgage. Another option is a 5% down payment. You then get a loan to cover the other 95% you need to pay for the home.

Mortgage Gift letter is what the donor of the gift writes to the lender stating that he has offered a gift of money to the home buyer. Homebuyers often require extra funds to make their down payment or pay part/whole of their closing costs when there is shortage of cash to pay for these upfront costs.

Treasury provides three options to replace Fannie, Freddie The plan lays out three different options. the notion that “we don’t need Fannie Mae & Freddie Mac to provide new mortgage financing” is a “myth.” Will anything happen in the near term? Maybe. The.

Bank of America has begun writing down principal on the mortgages of some troubled borrowers in California through a state program intended to help people facing foreclosure. The bank has signed on to the principal reduction component of the Keep Your Home California program, which uses federal funds reserved for the 2008 rescue of the financial system to help homeowners behind on their mortgages.

CoreLogic: 10.4 million mortgages still in negative equity According to researchers, nearly 43 million owners with mortgage debt have positive equity. Roughly 6.5 million owners are still in negative equity positions, however, down from more than 10 million a year ago and 12 million in 2009.

Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend.

Credit Suisse settles Assured Guaranty mortgage lawsuit Strong housing market helps reduce lingering foreclosure inventory "Lenders have been taking advantage of the strong seller’s market to dispose of lingering foreclosure inventory." Bottom Line. In most housing markets, don’t wait for this additional competition to hit the market. If you are considering selling your house, now may be the time.Assured Guaranty said it had filed to dismiss its lawsuit against Credit Suisse, according to a statement on its website. U.S. Bank National Association, which acts as a trustee for the six residential mortgage-backed securities that were at issue, filed a motion with the New York Supreme Court objecting to the confidential settlement.

I conclude with a few investment ideas that focus on seeking growth and mindfully protecting your principal. “Reduce the risk of debt crises”? To that point I say good luck. Look back to all that set.