B of A Loan Forgiveness And You

Word started filtering down on Friday that some homeowners who have second mortgages with Bank of America are receiving letters telling them that they’re second loan balance has been forgiven.

What does this mean for you if you have a second mortgage with B of A? A lot, if you receive one of the letters. And if you don’t … not so much.

B of A already has selected the 150,000 homeowners who will receive the loan forgiveness; this isn’t a program for which you can apply, and if you didn’t receive a letter you’re not going to be part of it.

So if you’re behind on your B of A second (or your first mortgage) and didn’t receive the letter, the same options apply – a short sale, bankruptcy or foreclosure depending on your circumstances.

About Jonathan

Jonathan Dalton is a 30-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.