Business & Tech
Got a B of A Mortgage? You May Get Lucky
The bank is going to reduce the principals on 200,000 mortgages.
Got a Bank of America mortgage? Check your mail.
According to the Los Angeles Times, Bank of America has agreed to a $25 billion settlement that has a $1 billion side deal: Reduce the mortgages of underwater homeowners.
Each lucky homeowner chosen for the program -- there are 200,000 homeowners that will be chosen -- will get their prinicpal reduced by more than $100,000 on average.
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To be eligible, homeowners had to be behind payments by at least 60 days as of January. Loans originated by Countrywide are also eligible, because Bank of America acquired Countrywide.
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