Bank of America is offering mortgage reductions for more than 200,000 customers. According to a post on Forbes.com, “qualifying customers will see their monthly mortgage reduce by an average 30 percent”. Perhaps you will draw the golden ticket or in this case a revised mortgage statement if you meet the following requirements:
• Owes more on the mortgage than the property is worth today.
• Was at least 60 days behind on payments on January 31, 2012.
• Has a contractual monthly payment for principal, interest, property taxes, hazard insurance and any applicable homeowner association fees totaling more than 25 percent of gross household income.
• Has a loan that is owned and serviced by Bank of America, or serviced for another investor that has given the bank delegated authority to do such modifications.
According to BofA, customers can begin to see letters in their mailboxes as early as this week. If you meet the requirements and don’t receive a letter this week, please note that the remaining letters will be sent in rounds up until the end of July.
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