Sunday, July 26, 2009

Delivering Compromise with Bank of America Loss Mitigation

There are several instances of obtaining principal reduction loan modifications from Bank of America and their onerous loss mitigation department. This is meant to be a guide and not an all encompassing directive for the powers in management holding their finger on the principal reduction button. Shall they press it? Press it and give you the principal reduction loan mod relief you have been looking for from Bank of America.

Bank of America has a first line of defense in the loan mod principal reduction department. Let’s call this the front door to the principal reductions at BofA. Get past them and you’re one step closer to a principal reduction at bank of America.

Bank of America’s short sales are also prevalent. More on this later.