Well, if your mortgage is held by Bank of America, there's some good news today. BofA has announced it will expand its participation in the Principal Reduction Program in California. Previously, the bank was limiting its participation only to what can best be described as a pilot 'test' version of the program. The program, a federally funded one that helps provide funds to reduce the borrowers' principal balance of their mortgages, covers potential reductions of up to $100,000 in principal amount. That figure is divided between two sources: the state's Keep Your Home California program ($50,000 max) and the participating lender (BofA in this case)(the other max of $50,000. Eligibility is subject to program guidelines. For example, loans owned or guaranteed by Freddie Mac or Fannie Mae are not eligible. However, BofA has stated that any ineligible applicants will be considered by the bank for one of its other assistance programs, such as interest rate reductions, extensions of loan terms or reduction of principal to some degree. For exact info as to your eligibility and terms you can possibly qualify for, call BofA or the California Housing Finance Agency. The agency can be found on the web at: www.calhfa.ca.gov .
Good luck.
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