Basic Transcript: Greetings from Vernon Worthen Park! The St. George weather forecast for today is 101 and 73 - I can guarantee that the 73 has long passed.

So what do you do about your Bank of America loan? For starters, do NOTHING. Here is what I mean:

It is completely (and highly) possible that many homeowners with troubled Bank of America mortgages will do something dramatic like stop paying their mortgage or stop communications with the collections department. Whatever you've BEEN doing, keep doing it, then contact your Mortgage and Real Estate agents (especially those Short-selling) and say: "what is our plan?"

Been paying your mortgage? Keep doing so. Not been paying? Keep doing so. Banking (pun not intended) on the Government or any other entity to swoop in and save homeowners has proven an unpredictable proposition at best.

Any Realtor or Mortgage person worth their weight in salt can provide perspective and guidance, if not a firm plan of action. This is wonderful that Utah is taking the lead on this issue, but do you have ANY idea how many Attorneys B of A has working for them? I shudder to think.

Is it possible?

This injunction / legislation / lawsuit MAY stick, it may not, only time will tell. It's a VERY interesting development though and I see it as the first domino in a long line of similar actions that could dramatically change the face of the real estate landscape across the landscape.

If you don't have a Realtor or mortgage person you feel confident in, feel free to contact me by email or phone with any questions, just don't do anything crazy.

Do you have close friends or family who will be affected by this Bank of America mortgage stuff?

Full article from The Spectrum: http://www.thespectrum.com/article/20100607/NEWS05/100607004/1002/rss