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VOL. 127 | NO. 91 | Wednesday, May 09, 2012

BofA Initiates Home Loan Modification Offers

ALEX VEIGA | AP Real Estate Writer

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LOS ANGELES (AP) – Bank of America says it has begun contacting some its customers who may qualify to have their home loans reduced as part of a multistate settlement over alleged foreclosure abuses.

The bank said Tuesday that some of those more than 200,000 customers potentially in line for a reduction in the principal balance on their mortgage should receive letters about the program beginning this week.

Among the criteria to qualify, borrowers must owe more on their home than the property is worth.

The lender and four other major banks settled the foreclosure abuse allegations in February.

Most of the $25 billion settlement is earmarked for reducing loans for about 1 million U.S. households that owe more on their mortgages than their homes are worth.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 75 255 11,693
MORTGAGES 72 295 15,274
FORECLOSURE NOTICES 3 71 2,982
BUILDING PERMITS 198 590 27,844
BANKRUPTCIES 62 280 11,242
BUSINESS LICENSES 35 98 4,136
UTILITY CONNECTIONS 94 516 17,000
MARRIAGE LICENSES 18 80 3,544

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