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Bank of America Extinguishing Thousands of Second Liens
Do you have a second lien owned and serviced by BofA? You may qualify to get your subordinated debt extinguished entirely. Even if BofA does not service your first mortgage, as long as the 2nd lien is serviced or fully owned by BofA.
This program was designed as an effort to help homeowners create equity in their homes as well as hoping to ease the pains of dealing with issues on borrower’s first mortgage.
If you are one of the 150,000 pre-qualified homeowners who received or will be receiving this offer, it will take care of the entire unpaid principle balance on the 2nd. The 2nd lien must meet certain delinquency and property value guidelines to qualify for program.
If you do receive a letter you are prequalified and eligible to have 2nd lien on collateral property completely removed unless you decide to opt out of the automatic relief by sending a response within 30 days of receiving letter.
At this time this is only available to those that receive a letter.
Please understand that eliminating a second lien does not resolve issues with your first mortgage. It is an attempt to limit other financial strains but will not resolve issues with your first.
So, those of you that have a 2nd lien serviced or fully owned by BofA, make sure and check your mail.
Front Door Realty
1815 D Street
Vancouver, WA 98663
Megan Womack came to Front Door Realty with over 10 years of customer service experience. She thrives on making sure our clients come first, is the ultimate people person, and makes friends everywhere....
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