Mods From BofA

HUD and BofA have reached a settlement on roughly 57,000 government-issued mortgages now in delinquent status. Under the settlement, BofA agrees GOING FORWARD to pursue loan mods with the 57,000 such loans that it previously hadn't dealt with in this area. This is only going forward. The fact that the bank hadn't already done so, even though legally required, will not result in any penalties for the bank. Advice here is: if you have a HUD loan serviced by Bank of America, and you're delinquent, get in touch with BofA immediately and start discussing the possibility of a loan mod. No guarantees made, but you have to get the discussions going. I wouldn't wait for the bank to contact you--be proactive.
Good luck.