Is One Bank Finally Getting It?

We have said numerous times that until the banks start negotiating with troubled home owners to prevent foreclosures, that real estate prices will continue to fall and the glut of the homes on the market will remain. Daytona Beach real estate prices have been hit hard with other areas of the country that were hot markets only a few years ago. Las Vegas, Arizona and California are experiencing the same problems that we are seeing. Now states like Michigan are losing jobs fast and will soon be in the same situation.

Bank of America is getting another $20 billion from the bailout fund, and part of that agreement is mortgage modification for existing home owners to stay in their homes.

Real Estate Bloggers had a post on their site that says that Bank of America and its subsidiary Countrywide will work to modify 630,000 loans. Why? It cost lenders up to $70,000 to foreclose on a home, and as more foreclosed properties come on the market it will take longer to sell their properties.

Owners of Daytona Beach condos and homes who are behind on their payments and who have Bank of America or Countrywide homes can expect at least a chance on renogiating, or modifying, their mortgage. I will publish update as more information becomes available.

I created a page last week that will report on mortgage mitigation and modification in Daytona Beach.. I wll be adding this news to that page in a few minutes to keep a running history of what’s happening in the mortgage modification sage.