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Tag Archives: Bank of America

BofA Offering Up to $30K in Relocation Assistance for Short Sales

Just days after Bank of America officially announced its nationwide program offering up to $30,000 in relocation assistance for short sales, a Massachusetts-based real estate company revealed in a blog that one of its clients was approved to receive $10,000. In order to be eligible for the relocation assistance, BofA stated that the short sale must be initiated by the end of this year and close by September 26, 2013. Also, the amount offered is determined on a case-by-case basis, with variables such as the value of the home and amount owed factored into the equation.

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BofA to Offer Principal Writedowns to 200K Delinquent Borrowers

Bank of America began mailing out more than 200,000 letters this week targeting borrowers thought to be eligible for principal-reducing modifications under terms of the settlement reached with the federal government and 49 state attorneys general. To be eligible, a homeowner must owe more on the mortgage than the property is worth today and must have been at least 60 days behind on payments on January 31, 2012. BofA estimates average monthly savings of 30 percent for qualifying customers.

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Behind the $25B Settlement: Joe Smith

Parties to the landmark mortgage servicing settlement appointed one man to oversee $25 billion in compliance. In an interview with DS News, Joseph A. Smith, onetime banking commissioner for North Carolina and ex-nominee to head the Federal Housing Finance Agency, lays out the role he envisions playing as he monitors funds for homeowners, states, and the federal government. The settlement monitor speaks with an understated tone about his stewardship of the historic settlement, which 49 state attorneys general and federal officials completed in February.

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Bank of America Reports Net Income of $653M for Q1

Bank of America reported a net income of $653 million, or $0.03 cents per share for the first quarter of 2012. This includes charges of $4.8 billion, or $0.28 cents a share, from accounting adjustments due to a rise in the value of its debt. After the first quarter a year ago, the bank reported a net income of $2 billion, or $0.17 cents per share. The bank's revenue was $22.5 billion when including the negative valuation, compared to $27.1 billion a year ago; when excluding the valuation adjustments, revenue was down about 3 percent for the first quarter of 2012 to $27.3 billion.

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Moody’s Ranks Subprime Servicers Based on Cash Flow

Based on a metric devised by Moody’s Analytics, GMAC, SLS, and American Home performed better compared to other subprime servicers in terms of cash collected relative to losses on delinquent loans. This was mainly due to shorter liquidation timelines that resulted in lower loss severities on liquidated or foreclosed properties, according to an article in Moody's ResiLandscape. GMAC's high metric is due primarily to shorter liquidation timelines and because the servicer maximizes cash flow on modified loans by keeping the re-default rates in line with the industry average even though it offers relatively low levels of relief in terms of principal and interest.

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BofA, NID-HCA Team Up to Reach Borrowers for Foreclosure Reviews

Bank of America is working with NID-Housing Counseling Agency (NID-HCA) as part of an effort to make sure eligible, hard to reach homeowners are aware of their options for a free, independent foreclosure review. NID-HCA has over 25 years of experience providing services in minority and underserved communities.

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BofA Makes Changes to Trim Short Sale Timeline

Bank of America is making changes to its short sale procedures and introducing an improved task flow within the short sale technology module from Equator, BofA's short sale management platform of choice. The goal: to reduce the timeframe for a short sale decision to less than three weeks. Starting Saturday, April 14, real estate professionals working with BofA will be required to submit five documents for short sales initiated with an offer, and they will be able to complete tasks such as document collection, valuations, and underwriting at the same time.

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BofA to Invest $15M for Programs Addressing Housing Crisis

The Bank of America Charitable Foundation is inviting nonprofit organizations throughout the United States to submit funding proposals for programs addressing housing market challenges. The company stated it will invest $15 million to support impactful local and national programs and services addressing housing issues, including foreclosure counseling and mitigation, neighborhood stabilization, and affordable housing.

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BofA Offers Leasing Program to Select Customers Facing Foreclosure

In select hard-hit markets, Bank of America is introducing a program that will give some of its customers who are facing foreclosure the option to remain in their homes as a tenant rather than as a homeowner. The Charlotte, North Carolina based-bank made the announcement Thursday in a release. The program, called Mortgage to Lease, will solicit fewer than 1,000 customers who qualify; there will not be opportunities to volunteer or apply for the program.

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Oklahoma Sets Deadline for Mortgage Settlement Relief

Oklahoma residents seeking restitution under the state's mortgage settlement with the nation's largest mortgage servicers must apply for benefits by September 13, 2012. The agreement between Attorney General Scott Pruitt and Bank of America, Citigroup, Ally's GMAC, JPMorgan Chase, and Wells Fargo gives the state $18.6 million, all of which will be used to compensate residents wronged in the foreclosure process. Under the nationwide settlement, Oklahoma would have received an estimated $10.2 million, and most of it would have been ""paid"" in the form of credits for loss mitigation activities fulfilled by the servicers.

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