Have you been ignoring your mortgage bailout check?
The recent $25 billion mortgage settlement made way for homeowners who were victims of fraud by their banks to receive checks for up to $125,000 or even more. Other lenders have also been forced to offer to reduce the mortgage balances of their borrowers or to modify their loans.
However, Bank of America has been reporting that despite sending out tens of thousands of letter to tell homeowners they were eligible to have their mortgage balances reduced by a third or an average of $150,000, very few have actually responded. Could this include you?
This is on top of Bank of America also granting principal reduction loan modifications and pre-approved short sales with $30,000 to be paid out to homeowners who sell their homes. Yes, some of these offers are real but they won’t last forever.
You may be right not to trust your mortgage lender, so if in doubt consult a reputable and unbiased third party or attorney to help you negotiate the best possible deal.
No matter how fed up you are or how ugly things look now things could get a lot worse if you refuse to take action. Don’t let them win and take your home away. The chances are that even if they do not only will your credit end up a lot worse but you will still owe the bank meaning they can tap your bank accounts and even have your wages garnished.
There is mortgage help out there, take it. Even if you don’t want to keep your home having your principal balance reduced can make selling a home a lot easier and allow you to actually walk away with cash in your hand. This could be your only chance to do that…
