Bank of America to wipe out thousands of second lien mortgages

by Tara Steele in Mortgage, News - October 1, 2012  

Bank of America is in the process of sending out thousands of second lien mortgage forgiveness letters as part of this year's massive mortgage servicer settlement.

Bank of America’s big move

As part of what Bank of America calls their “ongoing efforts to help customers in need of mortgage assistance,” roughly 150,000 letters are currently being sent to pre-qualified homeowners that offers to automatically extinguish the full, unpaid balance of their second lien mortgages. Bank of America said in a statement, “The intention of the program is to place homeowners in an improved financial situation by reducing their monthly debt obligations and, potentially, help them create equity in their property.”
This big move is part of the terms of $25 billion mortgage servicing settlement reached this spring after years of investigation of the nation’s largest mortgage servicers in a joint effort between federal, state, and local entities.

 To view this article in its entirety click on the link below!

Bank of America's big move

Spectacular Bank Owned Bargain, Prescott Valley AZ

Contact Stephanie Woods directly at 928-237-4455 for more information on this wonderful home.

Prescott REO Homes and the New Tax Credit

Prescott Arizona REO properties are still a large part of the Prescott housing market currently accounting for about 35% of the sales with only 10% of the listings. Many bank owned properties come with perks such as home warranties or seller paid closing costs which make the deals even more attractive. On top of those, President Obama has signed a bill that extends the existing tax credit for first time homebuyers into the first half of 2010. The extension continues the existing tax credit for 10% of the purchase price up to a maximum of $8,000 for first time homebuyers (anyone who has not owned a home in the last three years).
In addition, the new bill also opens up opportunities for others who are not buying a home for the first time. For buyers who have owned a home for five of the last eight years and are purchasing a new primary residence they will receive a tax credit of 10% of the purchase price up to $6,500. They do not need to sell their existing residence to qualify, but they must move into the new home as a primary residence. This expansion of benefits to non-first time buyers is particularly helpful for a large segment of the Prescott area buyer's market. We all know what a great place Prescott is to live in and we are not alone. Most Prescott agents have an extensive list of prospective buyers who intend to move to Prescott in the future. This $6,500 incentive seems almost tailor made for this traditional Prescott buyer base.
In both cases, buyer income caps apply. There are other details of the bill that may impact individual situations. Ask me to recommend local mortgage brokers who will be happy to consult with the buyer's CPA to determine exactly what their credit is likely to be.
Both tax credits apply to purchases under contract by April 30th 2010 and they must close before June 30th 2010. This give Prescott REO buyers approximately five months to find a home and write a contract. Additionally, Federal Reserve bond purchase programs that have helped keep rates low over the last year are currently winding down. Many forecasts suggest rates in 2010 will average more than half a percentage point above current levels. Local appraisers are telling us values are stable in almost all of Yavapai County and do not show signs of continued decline. Combine the short window on the tax credit, the likely rise in rates and stabilization of prices and its hard to imagine a better opportunity for buyers than right now.

Poquito Valley Foreclosure on 2 Acres

NEW Prescott Valley Foreclosure

Hitting the Market today!
You are the first to know!

Noel Ct, Prescott Valley,
1300 Sq Feet
3Bed 2Bath
Built in 1994
Only $99,000

Need Money? We have lenders who can get you up to a 22% Down payment that you do not need to repay!
Tax Credit expires end of November, time is running out


Call the Stephanie Woods Team
928-237-4455

Weekly Foreclosures 10/5

Weekly Foreclosure list:

http://www.paarmls.org/prs/maildoc/sd_AAAa002RK20091005175800.html

HURRY time is almost up for the Tax Credit!

If you are looking to take advantage you need to have closed on a home by end of November and it usally takes 30-45 days to go close.

We are here to help!

Keller Williams

(928)237-4455

Prescottreoagent@gamil.com

Weekly Foreclosures

Hello,

Time for the weekly Foreclosure list. We have 12 new ones this week. If you are on the hunt for a property please let us know so we can set you up on a customized search that will be sent directly to you. You can either call 928-237-4455 or email PrescottREOagent@gmail.com

http://www.paarmls.org/prs/maildoc/sd_AAAa007KK20090921133528.html

THE MARKET IS CHANGING!! We are picking up. Multiple offers are coming in on these foreclosure. You need to be ready to act quickly and efficiently to ensure you get the property you want.

What you can do to be ready. Get yourself qualified with a lender. We need a loan qualification to present an offer and you need to know what and how much you can afford. Below are 2 recommendations. Please don't wait until the last minute.

Penny Pennington
Wells Fargo
Cell: 623-606-0809

Anna Newman
Bank Of America
775-6433 x 227
899-8907

Tax Credit ends in November so if you are looking to take advantage of that you need to be in contract with a place by Mid October to close in time!

Thanks Have a great Week!!

Like New 5 Bedroom

NEW FORECLOSURE!

Lauren Ln in Chino Valley

2600 Sq Feet

5 Bed 3 Bath

1 Acre

Separate living Room and Family Room

Fire Place, Stainless Appliances Upgraded Cabinets

LIKE NEW!



$249,000



Call Jessica & Janette 928-237-4455
PrescottREOAgent@gmail.com


Stephanie Woods Team

Keller Williams

Weekly Foreclosure List Sept 7 thru Sept 14, 2009

Happy Monday!! How was your weekend? Too short I'm sure. Here is the weekly foreclosure list for the week of Sept 7 thru Sept 14,2009. Foreclosures are still coming on strong, 25 this week. There are some great deals out there. Please contact us with any questions or if you would like to see any of these. We would love to help you. Have a great week.

http://www.paarmls.org/prs/maildoc/sd_AAAa004Pw20090914091041.html


The Stephanie Woods Team
928-237-4455

Weekly Foreclosure List for 8/10/09 thru 8/17/09

Good morning,

It's that time again, here is your weekly foreclosure list for 8/10/09 thru 8/17/09. Foreclosures are continuing to list at an average of 20-25 a week. Please look through them and let us know if we can help in any way. Remember, it's a buyer's market, if you are looking don't let this opportunity slip away!!

http://www.paarmls.org/prs/maildoc/sd_AAAa003_720090817085153.html


Janette & Jessica
Buyers Agents
928-237-4455
The Stephanie Woods Team
Keller Williams Check Realty