Tuesday, July 20, 2010

Pick Up The Phone, You May Have Won A Modification - mortgage-foreclosure.org

Pick Up The Phone, You May Have Won A Modification - mortgage-foreclosure.org: "Download Podcast

April 6th, 2010

When Bank of America announced that they will begin cutting loan balances for troubled mortgage borrowers, it marked a new milestone in the way banks cope with severe delinquent loans.

Just recently, major banks and servicers, such as Bank of America have only started providing principal reductions to a tiny fraction of borrowers as a last resort.

Despite the great change, they are way behind the race and have to keep up in speed with a new sort of mortgage servicer called ‘speciality servicer’. These servicers are experiencing success in averting more foreclosures. They deal with the worst delinquent loans which are more than ninety days late and popularly offer principal reductions.

Unfortunately, few mortgages end up with these types of servicers. The odds for your loan to end up in their custody would be comparable to striking a lottery. As more loans become 90 days delinquent, the ‘specialty servicer’ industry should experience a boost in their business."


I KNEW I had read about Bank of Amercica lowering the principle. They were advertising it so much, that my dad called to let me know about it.

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