Homes Projected to Remain Underwater until 2020
According to the latest research by First American CoreLogic, average Las Vegas area homeowners will not return to positive equity in their homes until the year 2020. Negative equity, also referred to as “being underwater,” refers to a homeowner owing more on the mortgage than the home is worth. In the U.S., the typical underwater […]
Bank of America Will Cut Loan Principal for Some Customers
Bank of America announced on March 25, 2010 that it will implement a principal forgiveness program to modify underwater loans. Bank of America is specifically targeting certain, subprime and adjustable-rate mortgages (ARMs) qualifying for its National Homeownership Retention Program (NHRP), Pay-Option ARMs, and prime two-year hybrid ARMs. The program is limited to Bank of […]