Bank of America principal forgiveness
Here's some potentially good news for homeowners who are in arrears on their Bank of America mortgages and facing foreclosure: principal reductions! As far as I know, this is a first for a major U.S. bank since the foreclosure crisis. (Please correct me if I'm wrong.) The program is still very limited (only 5,000 homeowners have been contacted so far), but BAC says it plays on contacting about 200,000 more homeowners about their eligibility through the end of the year. Qualifications include being at least 60 days behind on mortgage payments as of the end of January and owing more than the current value of their home.
This program is tied to the (pitiable) $25 million settlement earlier this year between attorneys general and banks. The idea, I imagine, is to cut homeowners who fit a certain profile some slack so an (expensive) foreclosure action doesn't happen, offering some principal forgiveness in order to more likely secure long-term loan performance.
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