Established Contributor
kjm79
Posts: 1,008
Registered: ‎01-22-2008
B of A offers to slash mortgage principal:

‎05-08-2012 03:06 PM

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

 

Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
Take the FICO Fitness Challenge
(1,039 Views)
 
Frequent Contributor
Chris123nTx
Posts: 440
Registered: ‎05-11-2007
Re: B of A offers to slash mortgage principal:

‎05-19-2012 02:12 AM

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
(941 Views)
 
Super Contributor
marty56
Posts: 5,660
Registered: ‎10-06-2007
Re: B of A offers to slash mortgage principal:

‎05-19-2012 04:40 AM

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

06/15/2012 FICO: EQ: 798 TU:785
(938 Views)
 
Blogger
FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
Re: B of A offers to slash mortgage principal:

‎05-19-2012 07:41 AM

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.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

(929 Views)
 
Senior Contributor
MattH
Posts: 3,245
Registered: ‎04-03-2008
Re: B of A offers to slash mortgage principal:

‎05-20-2012 04:46 PM

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.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
(905 Views)
 
Valued Contributor
thrasher865
Posts: 1,163
Registered: ‎05-21-2008
Re: B of A offers to slash mortgage principal:

‎05-21-2012 12:24 PM

My mortgage is with BofA.  Unfortunately, I can afford to pay it.  :smileysad:

 

Oh well.  No free lunch for me.

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760

Take the FICO Fitness Challenge
(891 Views)
 
Super Contributor
marty56
Posts: 5,660
Registered: ‎10-06-2007
Re: B of A offers to slash mortgage principal:
[ Edited ]

‎05-22-2012 02:23 AM - edited ‎05-22-2012 02:25 AM

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.

06/15/2012 FICO: EQ: 798 TU:785
(879 Views)
 
Regular Contributor
lolabelle
Posts: 135
Registered: ‎11-03-2009
Re: B of A offers to slash mortgage principal:
[ Edited ]

‎05-27-2012 09:15 AM - edited ‎05-27-2012 09:15 AM

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.
Starting Score: 732 (EQ)
Current Score: 782! (EQ - 4/12/13); 748 (TU - 5/21/12); 760 (EX - 4/16/12 AMEX pull)
Original Goal Score: 760+ EQ --> decimated!
New Goal Score: 800+ EQ


Take the FICO Fitness Challenge
(828 Views)
 
Frequent Contributor
BigDaddy18
Posts: 673
Registered: ‎04-23-2009
Re: B of A offers to slash mortgage principal:

‎07-03-2012 08:25 PM

thrasher865 wrote:

My mortgage is with BofA.  Unfortunately, I can afford to pay it.  :smileysad:

 

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  

Starting Score: EQ FICO 777
Current Score: EQ FICO 803
Goal Score: EQ FICO 810

Take the FICO Fitness Challenge

(733 Views)
 
Valued Contributor
drkaje
Posts: 2,937
Registered: ‎07-25-2008
Re: B of A offers to slash mortgage principal:

‎07-04-2012 04:50 AM

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.

Starting Score: 675
Current Score: EX 753 FICO, EQ 750 FICO
Goal Score: 776 FICO

Take the FICO Fitness Challenge
(725 Views)