BofA to Reduce Principal in HAMP Mortgage Modifications

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BofA to Offer Principal Forgiveness to Some Underwater Homeowners – In an effort to encourage greater homeowner participation in modification. without an accompanying reduction in the balance due on the loan,"" Desoer said. When modifying these mortgages, Bank of.

HAMP Loan Modification: Principal Forbearance vs Principal. – HAMP Loan Modification: Principal Forbearance vs Principal Forgiveness. by Raul in Burbank, California Ask Kate if HAMP loan modifications include principal forbearance or principal forgiveness: Raul and his wife negotiated a HAMP modification with a large principal forbearance. Raul understood that the principal would be forgiven by the amount of the forbearance if he made his payments on.

Earn Incentives for Timely Payments – Earn Incentives for Timely Payments. Paying on time can pay off big time! Through the Home Affordable Modification Program SM (HAMP ), you could earn up to $10,000 in principal reduction just for making your mortgage payments in full and on time-up to $1,000 per year for the first five years and a $5,000 one-time payment at the end of year six.

More mortgage principal cuts worry bank analysts – SAN FRANCISCO (MarketWatch) — When Bank of America said. is sold or the loan matures, all the principal still has to be repaid. These have been the main components of the government’s Home.

Is the Treasury’s HAMP Mortgage Modification Program a Failure? – Its only hope now is that new principal reduction programs. just how few of the permanent modifications have so far re-defaulted (click for bigger version): HAMP Re-Default cht 2010-09.png If you.

Four new HAMP incentives homeowners should know – MSU. –  · This allows borrowers to reduce their outstanding principal balance by as much as $10,000. Prior to the change, homeowners in the HAMP program were eligible to earn up to $5,000 over the first five years of their modification for continuing to make timely payments.