In the red?
Channel 5 announced today that Bank of America is going to institute a new program in May that will help homeowners who are upside down – who owe more than the current value of their home on their mortgage. This may help keep people in their homes.
Why expect a bank to do this? A foreclosure in a neighborhood affects all of the property values in that neighborhood. From a purely business point of view, it makes sense for a bank to help to keep property values up. And of course, a foreclosure has incredible ramifications as far as a borrower’s ability to own a home in the near future. The sooner we can pull together and straighten out this market, the better for everyone.
Here is the link to the report.
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