Hello, I just received the letter from Bank of America regarding the principal reduction. We were in a short sale and our account manager contacted us regarding our eligibility for the new program. We put the short sale on hold. Today is the 17th and they are giving us until the 31st of May to meet with them regarding applying.
My question is is there a thread devoted to this topic? Does anyone know what the income parameters are for qualification or the ratio's? I want to run the numbers before I meet with the BOA home loan specialist to turn in my documents.
I would like to read if anyone else has successfully navigated this process yet? Any info would be appreciated.