Bank of America began mailing out more than 200,000 letters this week targeting borrowers thought to be eligible for principal-reducing modifications under terms of the recent settlement the company and four other servicers reached with the federal government and 49 state attorneys general.
To be eligible, a homeowner must owe more on the mortgage than the property is worth today and must have been at least 60 days behind on payments on January 31, 2012.
In addition, the homeowner's monthly housing costs must be more than 25 percent of gross household income, and the loan must be owned and serviced by Bank of America or serviced for another investor that has authorized the bank to grant principal writedowns.
Read the entire article at: http://www.dsnews.com/articles/bank-of-america-to-offer-principal-writedowns-200k-delinquent-borrowers-2012-05-08?utm_source=dlvr.it&utm_medium=twitter
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