The dream may have to be a dream. Having a house and build a family inside it is a dream for everyone. But Americans have to let their dream become still a dream. It’s hard for them to make the dream come true because it is not easy to get mortgage credit.

To get a home loan is not an easy task for everyone. They have to provide the voluminous documentation to get approved for a mortgage. It’s including details of explaining their tiniest blemishes on their credit report going back years. It’s not surprised that many Americans failed to get loans.

Banks have tightened their credit recently despite the top regulator for U.S housing market allowed Americans to bought a house by making a down payment as little as 3 percent of purchase price. But the regulator’s plan to push housing market did not work well. Banks did not want to loosen their mortgage credit. One of the examples is Bank of America. The member of Nations Bank USA Corporation has been tightening their mortgage credit until now.
“I don’t think there is a big incentive for us to start to try to create more mortgage availability where costumers are susceptible to default,” Bank of America CEO, Brian Moynihan said.

Bank of America’s reluctance to loosen mortgage availability is a logic act. They don’t want to taste their bad experience in the past again. Bank of America has to pay more than $70 billion as legal settlement tied to the U.S housing collapse. It’s the biggest money that paid by the company in the U.S tied the housing chaos legal settlement.
Bank of America ignored the traditional underwriting standards to keep loans volume up in the past. It wasn’t going well in the end. There was so many mortgage default case that ruined housing industry and economy in U. S.

Bank of America has to learn from a bitter mistake. The want to make sure it doesn’t happen again in the future by tightening mortgage credit. It’s not good news for Americans. But always there is a bright side in the tunnel. So many default cases in the U. S have an organization like Save My Texas Home come in U.S.

There are many options that provided by Save My Texas Home to avoid foreclosure. Save My Texas Home can assist homeowners to choose one of 10 options from fast cash sale, equity partnering, short sale, or sell and rent back. find out more about the options available