How many BofA cramdown offers have you personally witnessed?
None. (86%, 100 Votes)
1-2. (10%, 12 Votes)
5 or more. (3%, 3 Votes)
3-4. (1%, 1 Votes)
Total Voters: 116
The first batch of Bank of America’s (BofA’s) principal reduction offers was sent out to 60,000 qualified borrowers in the U.S. this May. Borrowers at least 60 days behind on their mortgage payments were offered an average $150,000 cramdownThe reduction of the principal balance of a loan. In first tuesday context, cramdowns are a tool used to provide debt relief for underwater homeowners.. BofA is expected to make a total of 200,000 principal reduction offers by August.
These cramdownThe reduction of the principal balance of a loan. In first tuesday context, cramdowns are a tool used to provide debt relief for underwater homeowners. offers are part of BofA’s efforts to meet the terms of February’s $25 billion national industry settlement resulting from the epidemic of fraudulent home loan originations and subsequent foreclosures. BofA has remained closed-lipped as to the precise criteria for electing which lucky borrowers are given the offer.
End of free preview
The rest of this content is only available to first tuesday Members. If you are a current first tuesday Member, please login above.
Not a current Member? For only $29.50, our Annual Membership includes access to: