Are you currently struggling with your mortgage? Well be sure to check your mailboxes! In the next couple of weeks, executives at Bank of America say they will begin mailing 200,000 letters offering certain customers mortgage principal reduction.
The offer is legitimate, and qualified borrowers could get as much as $150,000 deducted from the balance of their mortgages. It is all part of the $25 billion settlement reached this year between federal and state agencies and the nation’s five largest mortgage servicers over fraudulent foreclosure document processing (so-called “robo-signing”).
NOTE: If BOA customers do not receive a letter, they can call 877-488-7814 and ask to be put on a list for consideration of a reduction.