Great news from a friend of mine this week concerning her upside down mortgage…her lender, Bank of America, told her that her 2nd trust would be written off and paid in full! Here was her breakdown of the conversation with BofA…

“I just got back from Mexico yesterday. There was a FedEx package on my front door when I got home, and it was from bank of America. As most of you know, I bought my home in 2007 and am upside down on it. The package was a letter addressing my second trust and saying that the FULL second trust amount was being forgiven and that after 30 days I will no longer have a second trust. I was honestly floored and thought that it was some type of scam. Then I got a call from them today asking if I received it and wanting to make sure I wanted to accept. I asked a lot of questions and they said that my loan was part of the settlement that the  agreed to with the attorney generals regarding the robo signing. I asked why I was chosen and they said because my loan was with countrywide originally, it was chosen. She said that MOST second trust that were originally with countrywide will be totally forgiven and wiped away. I asked if there would still be a second lien on my property if I ever wanted to sell, and they said they will remove it totally from the title and will report it on my credit as paid in full!!” S.R.

For more information about short sales, 2nd trusts, Bank of America or anything else regarding upside down mortgages, feel free to call me at (703) 774-9572 or email me at me.