BofA to Offer Principal Write-downs to 200K Delinquent Borrowers

Let’s all stop paying our mortgage

 

From DS News

 

BofA to Offer Principal Write-downs to 200K Delinquent Borrowers

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 settlement 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. BofA estimates average monthly savings of 30 percent for qualifying customers. » Read More

 

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