In this article by DSnews, Bank of America id considering writing off some of the principal on mortgages where the owner can prove a financial hardship. Apparently the settlement talks with the State Attorney Generals have stalled and they are bringing this to the table to in hopes to finally reach an agreement. Of course, they want all liability waived.

Although this could be a great thing for distressed homeowners that would like to stay in their homes, it irritates me that they only way that the lenders will finally consider doing what has been common sense all along is under threat of lawsuit. Bank of America has rolled out a couple of test programs for principle reduction in the past year but I have never heard of how they went and if, in fact, they would consider this alternative.

I wouldn’t hold my breath if I was a homeowner, but maybe principal reduction may actually become a reality!

Reah the full article here http://bit.ly/obWhfz

bank of america maricopa arizona maricopa arizona foreclosures MARICOPA ARIZONA HOME maricopa arizona homes maricopa az maricopa homes maricopa real estate maricopa short sales the wizards of waz wizards of waz real estate