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Sarasota Realtor Mike Payne helps buyers and sellers (especially distressed sellers) in and around Sarasota, Florida.
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Sarasota Foreclosure Danger Finds “HOPE”!
Description: Sarasota foreclosure forces homeowners to fight back, using whatever available government “alphabet soup” program!
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HOPE, HAFA, on and on….
The latest “foreclosure prevention” incarnation comes from Bank of America at the bequeath of the FEDS.
Bank Of America seeks redemption but what else?
Bank of America is considering offering unemployed homeowners who cannot afford their mortgage payments a full 9 months of forbearance while they search for (and secure) a new job.
Definition: Forbearance is a special agreement between the lender and the borrower to delay a foreclosure. To avoid foreclosure, the lender and the borrower can make an agreement called “forbearance”. According to this agreement, the lender delays his right to exercise foreclosure if the borrower can catch up to his payment schedule in a certain time. This period and the payment plan depend on the details of the agreement that are accepted by both parties.
If during the nine months the borrower is able to obtain employment, Bank of America pledges to structure a mortgage loan modification based on the borrower’s new income. Nine months appears very generous.
Borrowers who fail to find new employment within the forbearance period would be required to relinquish the home through a deed-in-lieu transaction
Of course, this is a proposal: we’ve not yet seen all the final version to search for the fine print or gotchas, which naturally beg a few questions (and answers):
- If borrower cannot afford the modified payment after forbearance, is borrower FORCED to surrender deed?
- Will BOA forgive deficiency – providing full payoff and satisfaction, thus restraining the rapid debt collectors from chasing these people for up to 20 years in Florida?
- How will BOA report to the BIG 3 credit reporting agencies?
- Does borrower relinquish rights to redress wrongs, perhaps after a forensic and compliance audit for instance?
Questions…questions. On the surface, NONE of these programs have come close to living up their (hype).
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Sarasota foreclosures seek hope but expect more ado about nothing…aside from the something the bank expects. Still, we must look forward to any and all programs or proposals offering to help homeowners keep their homes (or at least try to keep their homes).
Bank of America is considering offering unemployed homeowners who cannot afford their mortgage payments a full nine months of forbearance while they search for a new job. If, during the nine months, the borrower is able to obtain employment, Bank of America pledges to structure a mortgage loan modification based on the borrower’s new income.
Borrowers who fail to find new employment within the forbearance period would be required to relinquish the home through a deed-in-lieu transaction
Read more: http://realestate.bryanellis.com/1953/bank-of-america-considering-a-nine-month-mortgage-forbearance-plan-for-the-unemployed/#DSrCpPTGQZNq#ixzz0lqHNfNSf
