This summer, KKR Financial wrote off its remaining mortgage exposure and is now invested 100percentt in corporate debt.
You may even be given the whole of your remaining mortgage term over which to clear your arrears.
She made no down payment, but took on the remaining mortgage of $71,000 from Mr. Paladino's aunt.
It also will forgive any remaining mortgage debt of military borrowers who were protected by the law and mistakenly foreclosed upon.
She believed she would be able to comfortably afford the remaining mortgage and that the property would be a great investment.
Under this program, borrowers who are slightly underwater can qualify for new loans covering the amount of the remaining mortgage at the best-prevailing rates, if they have a history of on-time mortgage payments and are otherwise financially sound.
They are: the students' citizenship status; family living arrangement; number of siblings simultaneously in college; annual family income; approximate value of home; size of remaining mortgage; amount of retirement savings; amount of cash savings; amount of other investment holdings.
"We believe this settlement, which resolves significant remaining mortgage-related exposures, is in the best interests of our shareholders, and allows us to continue to focus on the future," said Bank of America's chief executive officer Brian Moynihan.
One example of credit for business as usual is the provision allowing banks to satisfy $1.7 billion of their obligations for waiving "deficiency judgments," the amount a borrower still owes if a house in foreclosure is sold for less than the remaining mortgage debt.
Instead it sat on the market for more than two years, though today, listed at $649,000, the owners are in contract with a prospective buyer -- pending approval from the bank, which is negotiating with the sellers because the purchase price does not cover the full value of the remaining mortgage.
