What is the criteria to have the second mortgage forgiven?
Mortgage must be owned and serviced by Bank of America
Eligible borrower must be severely delinquent
Second mortgage must meet certain threshold of delinquency or property value criteria
Does not matter who owns and services the first lien mortgage
Only borrowers who receive the mortgage elimination letters are eligible
Downsides for the borrower:
Unless you received second lien mortgage forgiveness letter, customers can not request to be part of the program
If the borrower is currently in foreclosure the elimination of the second mortgage will not stop the foreclosure from proceeding
Possibility of a tax liability, there are some exceptions – always check with your tax advisor
Bank of America will report the account paid and closed on the borrower’s credit report
Bank of America will NOT pursue the homeowner for a deficiency judgment
Bank of America will continue to help customers who are in need of assistance with their mortgage. Contact Bank of America's customer call center or by visiting them on the web to find out about other available programs
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Thanks for reading, Rick Giese.
Rick Giese is a real estate associate broker at RE/MAX Advisors.
Phone Toll Free: 1-800-274-5656. Email: Rick@RickGiese.com
Rick Giese specializes in loan modification assistance and short sales in the Macomb, Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County