Bank of America to extinguish up to 150,000 second liens

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Bank of America to extinguish up to 150,000 second liens

Bank of America to extinguish up to 150,000 second liens

Hmm… is this going to cost damage to some trusts? Does BofA even have the power to do so if they are only servicers?

HW-

Borrowers with second liens owned and serviced by Bank of America ($8.83 0%) may qualify to get their subordinate debt extinguished entirely.

The banking giant mailed 150,000 letters to pre-qualified homeowners who are eligible to have their Bank of America second-lien mortgages eliminated.

The program was designed to ease the pains of struggling borrowers who are also dealing with issues on first mortgages and to help more individuals create equity in their properties.

Borrowers receiving the letter will have second liens on collateral property completely removed unless the customer decides to opt out of the automatic relief by sending a response within 30 days of receiving the letter.

[HOUSING WIRE]

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3 Responses to “Bank of America to extinguish up to 150,000 second liens”

  1. JIMI says:

    no one shuld belive to anything that bank of america say or do
    the banksters fraud all over america continue as they try
    to steal homeowners homes by way of fraud with help of local
    superior court judges that rubber stemp the fraud against
    home owners and refues to even look if the forclosing banks
    own the mortgage.banksters of bank of america cannot be
    belived to do any thing right ever that is a fact

  2. Is BOA going to claim this unsecured debt that is dischargable in BK and not secured by the mortgage, as principal reduction credit to the settlement agreement even if the foreclose on the first? Which was not the intent. Again money the banksters knew would be lost any how if the homeowner loses the house to foreclosure or goes BK. And if the first is still foreclosed on like has already been published. How has that principle reduction helped the homeowner stay in their houes? WHAT A FLIPPEN JOKE. The AG need to count how many homeowners were kept in their houses. Not all these false claims of fullfilling the settlement. Without the homeowners being kept in their houses the banksters have no fullfilled the settlement. These unconcionalbe gangsters have just made mockery out of the settlement.

  3. cindy says:

    i got mine today; saved $400,000! Thanks BofA

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