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True or not?

kittycarrkittycarr
in Parenting
I heard somewhere, news, radio, someone talking, I don't remember but it was something to do with mortgage foreclosure prevention and a new law act or whatever about the amount of your mortgage now being lowered to your current value.  I can't find anything about it online.  Have you all heard any such thing?
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Re: True or not?

  • JOEBunnyJOEBunny member
    Some banks have agreed that if you stay in your house for a number of years they will lower your mortgage by up to 30%.  I know that Bank of America was one of them.  It is a stop gap to prevent total write offs and abandonment in high devaluation areas. 
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  • kittycarrkittycarr
    WOW.  Now I wish I didn't walk out of settlement on BOA five years ago.  My value is down from $420k in 2005 to $225k now.
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  • JOEBunnyJOEBunny member
    It would not have helped you much, if your value to loan was that different, The idea is that you keep paying, housing prices rise and they would write down the difference at a point in time, which would not be as great as a complete forclosure now.  It would be unlikely you would qualify with that great of a decline.  I am glad housing prices here are mostly stable, at least in the hoods we are in because we have 3 houses totaling over a million dollars in real estate.  That would eat the crap out of our nest egg.  Sorry you had to deal with that. 
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  • kittycarrkittycarr

    An article on mortgage crisis issues and a 3BR condo is advertised to the right for $750k.

    Just thought it was funny.....

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