MARKET WATCH: Walter Bressler Weighs In on Potential Effects of Bank of America’s Mortgage Relief Plan
Bank of America is launching a loan forgiveness program for homeowners. Walter Bressler, a real estate coach and expert, comments that he sees potential in this plan.
Houston, TX (I-Newswire) May 24, 2012 - CBS reports that Bank of America’s Home Loans Division is preparing to launch a mortgage forgiveness program. This program, which is slated to be offered to over 200,000 homeowners, would shave as much as 150,000 dollars off of outstanding home loans. As a result, mortgage payments would be slashed by up to 30 percent. Walter Bressler, who provides real estate coaching and follows the market very closely, believes that this program could benefit the American economic landscape—if it works.
The CBS account of this new program explains that eligible homeowners must meet the criteria of the program before receiving its benefits. To do so, they must prove that they are upside down on their mortgages, that they are at least 60 days behind in paying their mortgages as of January 31, 2012, and that they have an obligation to make payments that exceed 25 percent of their gross household income.
The new program could, some analysts say, assist the economy in its recuperation. “It was anticipated by industry experts back in 2006 and 2007 that the real estate market wouldn’t truly settle down until the end of 2013,” commented real estate expert Walter Bressler. “With the millions of shadow inventory homes still expected to hit the market over the next one to three years, this solution by Bank of America could stem the bleeding and help speed up the market’s recovery, keeping us on track to make that prediction a reality.”
But the benefit of the nation is not the only goal of this program. Bank of America itself stands to profit from a better economic environment. “Today, Bank of America is in a tough situation as a result of its ill-timed purchase of Countrywide Loans,” asserted Walter Bressler. “One byproduct of this solution that Bank of America is offering—if it truly does work—is that Bank of America will become a healthier organization, which will put it in position to make more, higher quality loans available to buyers who will want and need loans in the coming months and years.”
While the outcome cannot be determined until the program is in place, Walter Bressler and other real estate professionals are looking forward to a day when the real estate market is again healthy.
Walter Bressler provides invaluable coaching to real estate professionals. Through his experience and market insight, he has assisted many individuals within the real estate community in improving their organizations and overall business acumen. His assistance is highly valued by a variety of real estate professionals, who turn to him for information about market trends, business organization, customer service, and more.
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Published On:May 24, 2012
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