Well, some of the first evidence of benefits from the recent $25 Billion settlement has surfaced. BofA has announced that, in some cases, reductions of loan principal may reach as high as $100,000.About 200,000 owners fit this group, and this is to bring things in line with current market values. So who's most likely to get this size reduction? According to the securities rating firm, Fitch, those loans originated between 2005 and 2007 are most likely to receive this type and size reduction. Suggestion from here: if you have a BofA loan and you're underwater, call BofA and ask if you're getting a reduction of principal, and, if so, how much.
Good Luck.
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