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A Principal Reduction for 200,000 Bank of America's Homeowners
     Bank of America (B of A) is in a charitable mood and is supposedly sending out 200,000 certified mailed letters offering their borrowers a principal reduction to their mortgage.  And of course it is only given to struggling default homeowners in need of assistance.  So to the non-default homeowners that are struggling and in need of assistance your option may be the HARP version 2.0 program, which is another topic altogether.
     This B of A loan modification will not be a type of "robo signing" process loan leading to another $25 billion government settlement.  But rather it seems that B of A has had a push from Mr. State Attorneys General and the US Dept. of Justice giving a $11 billion bankroll to help out.  It has been reported that about 5.6 million US loans are delinquent or in the process of foreclosure, while B of A services about 20% of that.  To give you a head count number that's over 1 million US loans.  Which many of them are owned by Freddie Mac and Fannie Mae.
 
If given this golden goose of a letter you must have the following to be eligible:
60 days late on ... more

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