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Bank of America will recast mortgages for up to a year
Posted on 3/20/20 at 12:12 pm
Posted on 3/20/20 at 12:12 pm
Just saw where BA is going to allow those affected by the Chinese WuFlu Bat Snake Communist Kung Flu to miss payments and add them to the end of their loans.
11
Posted on 3/20/20 at 12:13 pm to anc
If it were a racist name it would be Kung Fru?
Posted on 3/20/20 at 12:14 pm to anc
Up to this point I hated BofA, but that's a solid move. Kudos 
Posted on 3/20/20 at 12:16 pm to anc
interesting that they are going up to a year.
I wonder if others follow suit
I wonder if others follow suit
Posted on 3/20/20 at 12:17 pm to TailbackU
An entire year of payments added to the end of your loan? No loan modification or any other strings attached? That’s insane if true.
Posted on 3/20/20 at 12:19 pm to Paul Allen
quote:
An entire year of payments added to the end of your loan? No loan modification or any other strings attached? That’s insane if true.
I'm sure interest is going to continue to accrue. But, still it relieves a lot of people's concern about going into foreclosure.
Posted on 3/20/20 at 12:19 pm to Paul Allen
If my mortgage provider offers this i would do it in a heartbeat.
Posted on 3/20/20 at 12:19 pm to Paul Allen
quote:
No loan modification or any other strings attached?
That is a loan modification
Posted on 3/20/20 at 12:20 pm to Paul Allen
Posted on 3/20/20 at 12:23 pm to anc
I wonder what the fees on that will be. I bet there is a lot of fine print to it.
Posted on 3/20/20 at 12:25 pm to GatorReb
quote:
my mortgage provider offers this i would do it in a heartbeat
I would too
Posted on 3/20/20 at 12:26 pm to GatorReb
quote:
If my mortgage provider offers this i would do it in a heartbeat.
It's not going to be a blanket policy.
quote:
The bank will examine each request on a case-by-case basis.
Looks like you will have to prove hardship somehow.
Posted on 3/20/20 at 12:36 pm to Big4SALTbro
I suspect others will. BOA sort of sets the benchmark on things and they don't want to be in the REO business
Posted on 3/20/20 at 12:37 pm to SDVTiger
quote:
That is a loan modification
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”
Posted on 3/20/20 at 12:38 pm to anc
Oh man... I would jump on this in a second. I could literally pay off everything I owe and then some and have plenty of cash to buy stocks in the coming rally.
Posted on 3/20/20 at 12:40 pm to anc
BoA just gave the good news... the bad news, all your accounts with them just had their fees x10.
Posted on 3/20/20 at 12:43 pm to Bulldogblitz
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
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
Posted on 3/20/20 at 12:58 pm to stout
if the gov gets involved it will be closer to blanket.
Id take advantage of it if allowed as long as I wasn't planning in staying at my house for the entirety of the loan.
Id take advantage of it if allowed as long as I wasn't planning in staying at my house for the entirety of the loan.
Posted on 3/20/20 at 1:12 pm to anc
After the BR flood bank of america told me the next 3 payments could be postponed to devote my money to other things
When the 3 months were up, they told me all 3 payments were now due at one time
Almost lost my house because of it
frick everyone at BOA. I hope they all get the worst possible case of corona
When the 3 months were up, they told me all 3 payments were now due at one time
Almost lost my house because of it
frick everyone at BOA. I hope they all get the worst possible case of corona
Posted on 3/20/20 at 1:13 pm to moneyg
quote:
I'm sure interest is going to continue to accrue.
Bingo
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