B of A offers to slash mortgage principal:

[kjm79]

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

[Chris123nTx]

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

[marty56]

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@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

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+1

[FrugalRican]

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@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

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

[MattH]

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@FrugalRican wrote:

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@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

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

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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.

[thrasher865]

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

Oh well.  No free lunch for me.

[marty56]

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@MattH wrote:

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@FrugalRican wrote:

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@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

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

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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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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.

[lolabelle]

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.

[Anonymous]

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@thrasher865 wrote:

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

Oh well.  No free lunch for me.

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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  

[drkaje]

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.