Hi tejasp welcome and thank you for joining.
Quote:
- Is BOA even accepting any principal reduction offers?
- BOA analyst mentioned that short sale will be my last resort - so why would bank end up loosing more than $200k (in my case) and not do a principal reduction of lets assume $100k and move on?
- Is the above mentioned offer good without any principal reduction?
|
I'm sorry to say but it is very unlikely to get a principle redustion with any lender.
The above offer does look very well and should save you quite a bit of money for the next 5 years. You can go back and see if they can fix it at that rate for the life of the loan, but this may be the best offer your investor will offer..
BofA is correct, if a loan modification will not be suitable in your situation then a short sale may be the last resort.