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B of A offers to slash mortgage principal:

Valued Contributor

B of A offers to slash mortgage principal:

For those who might be interested.  IMHO, BoA is still putting to many qualifiers on who is eligible for this principal reduction. 

 

http://money.msn.com/home-loans/article.aspx?post=650bd1a1-fa1f-41ce-86b3-6f40cb38a181

 


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Message 1 of 10
9 REPLIES
Established Contributor

Re: B of A offers to slash mortgage principal:

Just makes me wish i had bought a nice place with a pool rather than what i could afford to easily pay for. Ah well, a sucker born every minute and all that. Next bubble i am getting in on the gravy train
Message 2 of 10
Super Contributor

Re: B of A offers to slash mortgage principal:


Chris123nTx wrote:
Just makes me wish i had bought a nice place with a pool rather than what i could afford to easily pay for. Ah well, a sucker born every minute and all that. Next bubble i am getting in on the gravy train

+1

12/08/2017 FICO: EQ 843 TU 849 EX 844
Message 3 of 10
Blogger

Re: B of A offers to slash mortgage principal:


Chris123nTx wrote:
Just makes me wish i had bought a nice place with a pool rather than what i could afford to easily pay for. Ah well, a sucker born every minute and all that. Next bubble i am getting in on the gravy train


I'd rather have the peace of mind than roll the dice on the gravy train.

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Message 4 of 10
Senior Contributor

Re: B of A offers to slash mortgage principal:


FrugalRican wrote:

Chris123nTx wrote:
Just makes me wish i had bought a nice place with a pool rather than what i could afford to easily pay for. Ah well, a sucker born every minute and all that. Next bubble i am getting in on the gravy train


I'd rather have the peace of mind than roll the dice on the gravy train.


I'm with you: my wife and I could keep paying our mortgage, utilities, and food on either my salary alone or hers. Things would be tight in other areas, but we could keep a roof over our heads and would not go hungry.
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Message 5 of 10
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Valued Contributor

Re: B of A offers to slash mortgage principal:

My mortgage is with BofA.  Unfortunately, I can afford to pay it.  Smiley Sad

 

Oh well.  No free lunch for me.


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Message 6 of 10
Super Contributor

Re: B of A offers to slash mortgage principal:


MattH wrote:

FrugalRican wrote:

Chris123nTx wrote:
Just makes me wish i had bought a nice place with a pool rather than what i could afford to easily pay for. Ah well, a sucker born every minute and all that. Next bubble i am getting in on the gravy train


I'd rather have the peace of mind than roll the dice on the gravy train.


I'm with you: my wife and I could keep paying our mortgage, utilities, and food on either my salary alone or hers. Things would be tight in other areas, but we could keep a roof over our heads and would not go hungry.

I was and I think Chris was being sarcastic.

 

IMHO BofA will do something to get revenge down the line when they slash you mortgage principle.

12/08/2017 FICO: EQ 843 TU 849 EX 844
Message 7 of 10
Regular Contributor

Re: B of A offers to slash mortgage principal:

As a person who wants people to be able to keep their homes and is disgusted with the way big banks have behaved during this whole mortgage debacle, I'm glad there will be some relief. As a person who lives within her means and would love to be able to buy a house and can't, though, I find this a little unpalatable.

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Message 8 of 10
Frequent Contributor

Re: B of A offers to slash mortgage principal:


thrasher865 wrote:

My mortgage is with BofA.  Unfortunately, I can afford to pay it.  Smiley Sad

 

Oh well.  No free lunch for me.


I'm in the same boat, it's just not right about the people that pay their morgages on time but obviously owe more than their house is worth but becasue their responsible they do not get a break and then we reward the people that overextended themselves?? 

 

Oh well I guess that's life  


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Message 9 of 10
Senior Contributor

Re: B of A offers to slash mortgage principal:

Banks would pass on the the same loss with short sales. At least this will give a few people a shot at gaining a little ground. Someone getting a break doesn't take anything from me.


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Message 10 of 10