Bank of America's Information Access re Loan Mods, Foreclosures and Short Sales

 

Bank of America at its home loan help site appears to provide valuable information and response to questions from consumers about loans and understanding the foreclosure process and short sales.

Government home loan refinance with "goal of the government's Home Affordable Refinance Program is to help make monthly mortgage payments more affordable for customers who may not have sufficient equity in their home to qualify for traditional refinancing.

Traditional refinance and "goal of refinancing your home loan is to help make your monthly mortgage payments more affordable by refinancing to a lower interest rate or from an adjustable-rate into a fixed rate loan."

Lender forbearance program with "goal of forbearance is to help you get your home loan payments reduced or suspended (typically for up to 90 days) if you're suffering from a temporary financial hardship."

Lender Foreclosure site clarifies steps for non-judicial foreclosure process: (a) borrower is notified that the foreclosure process has begun, (b) notice of default is recorded, (c) notice of sale is recorded and mailed, (d) legal notices may be published in local papers, and (e) the house is sold at public auction. 

 

Short sales - Bank of America says the "goal of a short sale is to help you avoid foreclosure if you are no longer able to remain in your home.  In the short sale process, you sell your home and settle your mortgage debt for less than the amount that you owe."

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See more information about SHORT SALES being a good alternative to borrower foreclosure or bankruptcy - click here.

 

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This is not the providing of legal or tax services. If you are interested to do a short sale of your home or property, you should hire a local REALTOR and consult with a lawyer or certified public accountant about facts for your own situation.

Harrison K. Long - Business Solutions and Advisory - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - SFR short sale foreclosure resource certified by National Association of REALTORs® -  ExploreProperties@gmail.com (email) - CA DRE 01410855

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