I've received documentations from BoA about the States Attorneys General settlement announced in February, they are modifying our mortgage (2% interest rate reduction), saving us over $500 per month
Finally, some mortgage relief for those like us who remained current and are underwater!
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treasurebeacon
Senior Member - 2K
posted: Dec. 6, 2012 @ 1:12p
I made a bad decision... and the government bailed me out...
whoDean
Happy Member
posted: Dec. 6, 2012 @ 1:20p
There are no government funds involved.
vickh
Senior Member - 5K
posted: Dec. 6, 2012 @ 3:31p
how about neighbors bad decision killed my home value, where's my bailout??
woowoo2
In the crosshairs
posted: Dec. 6, 2012 @ 3:34p
You are saving more than my mortgage payment.... $408<$500
durtydub
Member
posted: Dec. 7, 2012 @ 10:04a
I received the same letter yesterday saving 2% as well.
germanpope
Graceful Member
posted: Dec. 7, 2012 @ 10:10a
I am really confused by all these programs. I was taught as a kid that everyone should get equal treatment from the government. Shouldn't everyone get a 2% reduction?
germanpope
Graceful Member
posted: Dec. 7, 2012 @ 10:13a
whoDean said: There are no government funds involved.
I thought I read that the Federal Reserve bank was buying up 100's of billions of dollars in mortgages right now.
That sure doesn't sound like private enterprise. Sounds like capitalism has failed and I have been lied to about how great it works.
qcumber98
Pickled
posted: Dec. 7, 2012 @ 1:02p
/holds breath underwater/
whoDean
Happy Member
posted: Dec. 7, 2012 @ 6:18p
germanpope said: whoDean said: There are no government funds involved.
I thought I read that the Federal Reserve bank was buying up 100's of billions of dollars in mortgages right now.
That sure doesn't sound like private enterprise. Sounds like capitalism has failed and I have been lied to about how great it works.
That isn't what this specific program is about.
This program is about lenders modifying mortgages. No government funds.
germanpope
Graceful Member
posted: Dec. 7, 2012 @ 10:46p
whoDean said: germanpope said: whoDean said: There are no government funds involved.
I thought I read that the Federal Reserve bank was buying up 100's of billions of dollars in mortgages right now.
That sure doesn't sound like private enterprise. Sounds like capitalism has failed and I have been lied to about how great it works.
That isn't what this specific program is about.
This program is about lenders modifying mortgages. No government funds.
what happens to the mortgage paper at the Fed when there are defaults?
acroBios
Member
posted: Dec. 7, 2012 @ 11:59p
What was your mortgage rate before the 2% reduction? Or what is the new rate going to be?
durtydub
Member
posted: Dec. 8, 2012 @ 7:16a
Mine went from 6.25% to 4.25%
whoDean
Happy Member
posted: Dec. 8, 2012 @ 8:44a
germanpope said: whoDean said: germanpope said: whoDean said: There are no government funds involved.
I thought I read that the Federal Reserve bank was buying up 100's of billions of dollars in mortgages right now.
That sure doesn't sound like private enterprise. Sounds like capitalism has failed and I have been lied to about how great it works.
That isn't what this specific program is about.
This program is about lenders modifying mortgages. No government funds.
what happens to the mortgage paper at the Fed when there are defaults?
All of these mortgages are owned by BoA (no Fannie/Freddie/FHA backed loans).
whoDean
Happy Member
posted: Dec. 10, 2012 @ 10:12a
durtydub said: Mine went from 6.25% to 4.25%
Same here.
whoDean
Happy Member
posted: Feb. 3, 2013 @ 10:39p
Rate reduction modification has been finalized as of February.
tolamapS
Senior Member - 3K
posted: Feb. 3, 2013 @ 10:43p
treasurebeacon said: I made a bad decision... and the government bailed me out... Why does it matter?
tolamapS
Senior Member - 3K
posted: Feb. 3, 2013 @ 10:45p
whoDean said: There are no government funds involved. Technically true. In reality, false.
There are govt funds when: - BofA and their minions Countrywide and Merrill got bailed out, - when govt is subsidizing the mortgages,
BofA is lending you at prevailing rates. What is the problem? - prevailing rates are artificially low, - to be borrowing at prevailing rates, you need to bring enough money to the table to bring your loan to below 80% of the collateral market value. You did not.
whoDean
Happy Member
posted: Feb. 3, 2013 @ 10:47p
BoA isn't "paying" anything, I am paying the bank less in interest
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