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Started By
Message
re: Bank of America will recast mortgages for up to a year
Posted on 3/20/20 at 1:21 pm to Paul Allen
Posted on 3/20/20 at 1:21 pm to Paul Allen
quote:
Then in that case stay far away. Ask anyone who flooded in south Louisiana in 2016 about all these “mortgage relief” options. It was so convoluted that it wasn’t even funny. One lender I recall said it would defer payments for 90 days but at the end of 90 days you would have to pay three months worth of your mortgage all at once. Be extra careful about this “relief”
I've been in the industry for over 25yrs this never happened
2
Posted on 3/20/20 at 1:22 pm to anc
Man, I'm sure I wouldn't qualify as I have no hardship. However, I'd love to put those payments in a savings account and make a large lump principle payment next year with it.
Posted on 3/20/20 at 1:31 pm to Paul Allen
That was offered to me during Katrina, started off as 90 days than extended to at least 6 months
Posted on 3/20/20 at 1:33 pm to anc
They also donated $100 million to community relief efforts.
Posted on 3/20/20 at 2:02 pm to SDVTiger
Then what did happen after the 2016 floods? What did you see?
Posted on 3/20/20 at 2:20 pm to anc
got a link, I don't see this any where.
Posted on 3/20/20 at 2:52 pm to cajunangelle
Posted on 3/20/20 at 2:57 pm to LSUBadger
quote:
The Treasury is going to force all the banks to do this shortly. BOA is probably just being proactive Time for the banks to help out America. Payback for 2008-2009 It is the single most effective way to keep capital flowing and not destroy the banks and real rate market
I think you are 100% correct.
Posted on 3/20/20 at 3:45 pm to SDVTiger
quote:
I've been in the industry for over 25yrs this never happened
It 100% happened to 3 people that I know.
Also, my mortgage company offered me this exact same deal yesterday.
Posted on 3/20/20 at 3:46 pm to anc
They probably sold loan how can they do or
Posted on 3/20/20 at 3:48 pm to lsusteve1
quote:
It 100% happened to 3 people that I know.
This. I know more than that actually. Not sure where he is located or getting his information from.
Posted on 3/20/20 at 10:16 pm to tigers win2
so BOA got a bailout who else?
Posted on 3/20/20 at 10:22 pm to Paul Allen
quote:
Then in that case stay far away. Ask anyone who flooded in south Louisiana in 2016 about all these “mortgage relief” options. It was so convoluted that it wasn’t even funny. One lender I recall said it would defer payments for 90 days but at the end of 90 days you would have to pay three months worth of your mortgage all at once. Be extra careful about this “relief”
Sounds more like a forbearance than a modification. And not a good idea unless the borrower is desperate.
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