Bank of America set to write down principal on California mortgages

For these customers, Bank of America will "forbear principal" for five years. The bank will forbear as much as 30 percent of the loan amount, down to 100 percent of the home’s current value. "Forbear principal" means you still owe the money, but the bank doesn’t charge interest on the entire loan amount.

Bank of America has credit cards for a variety of purposes, including travel.. Get expert buying tips about Mortgage Lenders delivered to your inbox. Sharon of Hansen Hills, CA Verified Reviewer. Bank of America would be the last bank in this country I would ever apply for a loan or do any other type of business matter.

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Will Bank of America agree to a Short Refi on my mortgage , any help out there ? Asked by Outsicktoday, Victorville, CA Wed Feb 3, 2010. I live in Southern California, $100,000 upside down on a $227,000 mortgage, no second, great credit, good income, stuck in a ARM for 8 more years.

If you’re going through a temporary financial hardship, mortgage loan forbearance may help you get your payments lowered or suspended for no more than 90 days. Eligibility A temporary financial hardship may include a loss of income due to a medical illness, death of a co-borrower, natural disaster or unemployment, and there must be a clear end.

Bank of America to write down mortgages under hardest hit fund. bank of America (BAC) sent letters to Arizona homeowners who may qualify for mortgage assistance, including a principal writedown, under the Treasury Department ‘s Hardest Hit Fund. In June 2010, the Obama administration released .5 billion in foreclosure prevention funding.

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BofA’s "earned principal forgiveness" program looks very similar to the Responsible Homeowner Reward plan of Loan Value Group that I wrote about yesterday. In both cases, homeowners staying current on their mortgage payments get a reward after a certain number of years – a principal write-down on their mortgage in the first case, and an old-fashioned cash payment in the second.

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How To Get A Mortgage Loan Modification: In Search For Lower Rates.. Bank of America sent me a FedEX envelope with a single sheet of paper that read, After all, California is one of many non-recourse states who do not go after your other assets if you welch on your mortgage obligation.