Bank of America
Short Refinance for Underwater Mortgages
Bank of America was one of the first banks to step in and talk about short refinancing a certain segment of their portfolio. What they have done is take their highest risk loans and offered those homeowners the opportunity to short refinance their mortgage if they met certain criteria.
Take note the specific loan types that will qualify for the Bank of America Short Refinance program.
1. Option ARM - Negative amortization loans
2. Subprime mortgage- 2 year ARM or Hybrid ARMs
If you fit into that little tiny box then you are in luck. If you have a Fannie Mae or Freddie Mac mortgage then you are no longer in luck for THIS program. Contact Shellie or Brent for more information on other Short Refinance Programs.
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Hi. I can't help but watch your video up to the last second. I'm looking for info on loan programs 'coz I wanted to own a house since I graduated from college. I've been planning on it, and been saving some amount of money for home mortgage, Pittsburgh-located. My dad's helping me out in finding the best Pittsburgh mortgage lenders who would be fair enough to consider my income and other factors. He has applied for a reverse mortgage program which would let him convert his house into cash to somehow add up on his savings.
ReplyDeleteBy the way, I agree on what you said that borrowers and as well as lenders should set as good example so that everybody will do the same. Buyers should pay the money borrowed and lenders should not take advantage of the buyer as well.