If you're mortgage is with Bank of America, and you are in trouble, I have news for you! B of A yesterday announced that effective immediately it will reduce the principal amount of your mortgage loan balance. There are qualifications you must meet.
You must have missed at least two months payments on your mortgage, and the mortgage balance must exceed the value of your home by at least 20%. According to B of A, this will affect about 45,000 borrowers, or about 30% of its overall mortgage portfolio.
Also, it should have the effect of applying other major lenders to follow the same path. Wells Fargo announced it has already done so for 52,000 borrowers to the tune of about $2.6 Billion, while both Citi and JPMorgan Chase refused to say if they'd attempt a similar program.
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