Put Your Hands Together For Bank of America....
Two weeks ago I learned Bank of America was offering to modify homeowners loans that were previously originated by Countrywide Home Loans especially those who have a Pay Option Loans. My husband and I have one of these loans...so I was pleased to hear the news." According to the to the representative I talked with,the homeowner does not have to qualify, this is not a refinance." Just by having a Pay Option Loan originated by Countrywide Home Loans makes you eligible for this no cost restructure of your loan.
How does the program work? It's Pretty Simple ...
- No Appraisal
- No Fee's
- No Closing Costs
- The Negative Amortization Feature is Removed From The Loan
- Note:They Do Not Offer To Lower The Loan Balance (unless you have a hardship)
- Some Homeowner Will Most Likely Still Be Upside Down On The Home Value
- The Homeowner is then offered several options depending on situation and ratio's
- 10/1 Yr Arm- Interest Only Loan( taxes and insurance included in loan)
- 40 Year Amortized Loans Available
- 30 Year Fixed Loan Available
- Principal balance reductions and lower rates for homeowners facing hardships
- So pick up the phone and call them!
So it's official, I'm proof they did what they said they would do. Bank Of America restructured our loan to a 10/1 Arm -Interest Only Loan fixed for ten years with an interest rate under five percent for a Jumbo Loan!
In our case we had excellent credit and no significant hardship so our principal balance was not reduced and we're ok with that we have no intention of moving anytime soon. However for homeowners who are facing challenges, I was told Bank of America will help you.
For more information go to the Bank Of America website.
Note: I was getting form letters in the mail. I thought they were junk mail. Since we were never late... It wasn't junk mail at all! All Pay Option Loans will be modified by Bank Of America, The process was painless process and one I'm glad we called about.
The process from start to finish took two weeks!
Have a question call me- Peggy James my direct line 703-851-3085
Contact Peggy James or Erick Blackwelder of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's
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Contact Peggy James or Erick Blackwelder of Erick and Company of Exit Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085(Peggy) 703-590-2252 (Office).Give us a call and we can "GET YOUR HOME SOLD FAST"to list your property for sale we service Woodbridge, Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas,Gainesville, Garrisonville and Triangle area's.Basically all of Prince William County Virginia. Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City.
