GREAT BofA NEWS!! As previously hinted at, the recent $25 Billion mortgage settlement has produced solid results for Bank of America borrowers. BofA announced today that it is mailing letters to 200,000 'eligible' borrowers offering mortgage principal reductions to those of the recipients who are qualified. If you get this letter and toss it, don't try to jump on board later--you're out! If a letter from BofA comes to you, and you have a mortgage with them, OPEN IT AND READ IT; THEN FOLLOW ITS INSTRUCTIONS! The lender estimates that if everyone receiving a letter gets a reduction, the AVERAGE reduction will be $150,000 per homeowner. Who will qualify? If a borrower was underwater on their loan as of January 31, 2012 (the loan was more than the house was worth), is already delinquent in payments by at least 60 days, and the bank either owns the loan, services it, or has an investor in the note agreeing to the process, that borrower is eligible. What to do? If you are with BofA, CALL THE BANK! If you get a letter from BofA, don't just toss it, thinking it's just junk mail. Open it and read it! It may save you quite a bit of money--and it just may SAVE YOUR HOME! If everyone qualifies, the total would reach $11 Billion. BofA has also stated that if the value of loans that those responding to the letter exceeds this amount, they are prepared to include them as well. Good Luck!