by Bill McBride on 11/11/2009 03:01:00 PM
Wednesday, November 11, 2009
Here is an unsolicited Principal Reduction Loan Modification (pdf) offer from BofA. (ht Dwight)
A few background details:
The offer from BofA:
If the homeowner accepts the offer, he would still owe more on the 1st than the house is worth (the 2nd mortgage would have to be resolved). The personal issue still exists, and reducing the monthly payments by a couple of hundred dollars probably will not help. My understanding is the homeowner is considering trying for a short sale, but it is interesting that BofA is sending out unsolicited principal reduction offers - probably to NegAm borrowers.
UPDATE: The number is answered by a recording that announces they are a "debt collector", and then says they are now closed (probably for Veterans Day)
Posted by Bill McBride on 11/11/2009 03:01:00 PM