Ph Of Bloomf…, Home Owner in Bloomfield Hills, MI

Our home is valued at $200,000 however we owe $380,000. Bank of America is slow to work with.

Asked by Ph Of Bloomfield Hills, Bloomfield Hills, MI Mon Nov 15, 2010

What suggestions might you have for approaching BOA? We want a principle reduction program. Have you heard of any success with either? Do you know of a company that has completed a principle reduction? Any advice would be appreciated.

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President Obama just announced a plan that will allow people to refinance for a lower interest rate. I know it's not a principal reduction but it may help the overall cost of the mortgage you are paying. The new plan will allow you to refinancing without the current loan-to-value restrictions. I am a local lender. We are expecting the plan to hit the street very very soon.
0 votes Thank Flag Link Mon Nov 14, 2011
If you are still capable of paying for your house I do not understand the question. Yes, your house is worth a great deal less than you paid for it but it is not the banks responsibility to pay that difference. I have lost well over $100,000 in equity in my house over this past few years also but I am certainly not looking for someone to give me the money. Investing in a home can be a gamble just like any other investment. It is no one else's responsibility to pay for your loss. This is real world, no one is supposed to dig you out of your problems when you grow up.
0 votes Thank Flag Link Tue Jul 26, 2011
You can call BoA directly and work with their loan modification division. From what I've seen, homeowners normally receive a 20% reduction in principle, at best.

Below is a great link from the Making Home Affordable program with information on eligibility, FREE counselors, and resources, and more. This is a good place to begin ...

If you find that a loan modification does not pertain to your situation, you will want to find a knowledgeable short sale team in Bloomfield Hills to discuss your next options.

All the Best.
0 votes Thank Flag Link Mon Nov 15, 2010
My team and I close a large amount of short sales, and are near closing on a BOA short sale in your neighborhood. The great thing is that it is HAFA so no deficiency will be pursued.

I would recommend working with a real estate professional who understands the ins and outs. There are many questions that would need answered before I could provide much input.

If you would like to speak with us, please let me know. We would be happy to help.
0 votes Thank Flag Link Mon Nov 15, 2010
Bank of America is partnered with our company and for this I have full access to "insider" pull for this type of info and action required. Please give me a call and/or email me for further information on this topic. Both our BOA rep and I will be happy to be of any expert assistance we can provide!!

Gail Corcoran
Century21 Town & Country
(248) 556-7463 (website)
0 votes Thank Flag Link Mon Nov 15, 2010
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