» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 127 | NO. 91 | Wednesday, May 09, 2012

BofA Initiates Home Loan Modification Offers

ALEX VEIGA | AP Real Estate Writer

Print | Front Page | Email this story | Comments ()

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 This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 43 43 12,074
MORTGAGES 78 78 15,834
FORECLOSURE NOTICES 0 0 3,130
BUILDING PERMITS 0 0 28,832
BANKRUPTCIES 97 97 11,768
BUSINESS LICENSES 18 18 4,292
UTILITY CONNECTIONS 190 190 17,922
MARRIAGE LICENSES 43 43 3,711

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.