Bank of America To Lower Mortgage Balances For Underwater Homeowners

Word has just come across my desk that Bank of America (B of A) is about to announce a new program that will allow underwater homeowners to reduce their mortgage balances.  Details are a bit sketchy now, but B of A will shortly send letters to some 200,000 underwater mortgage holders offering to reduce their mortgages by as much as $150,000.  To qualify the homeowner must be underwater in his mortgage, be delinquent in payments by several months, and the loan must be held or serviced by Bank of America.

B of A mortgage holders need to look for a letter in their mailbox which will explain the program.  It is not junk mail!  Don't throw it out!  It might help you.

I'd look for more details in coming days in your local newspaper, or call your local B of A office.

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