Summary Box: Bank of America takes major step to right troubled mortgages with loan program
By APWednesday, March 24, 2010
Summary Box: BofA to reduce mortgage principal
THE PLAN: Beginning in May, some Bank of America customers’ total mortgage balance could be reduced up to 30 percent.
ELIGIBILIY: Homeowners must have missed at least two months of mortgage payments and owe at least 20 percent more than their home is currently worth. Bank of America says 45,000 customers qualify.
WHO DO YOU CALL?: Bank of America plans to reach out to homeowners it has identified as potentially eligible. Customers with questions about their loans and the new program can visit www.bankofamerica.com/homeloanhelp.
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