BofA Debuts Plan for Underwater Mortgages
Bank of America will announce a program Wednesday to allow underwater borrowers to systematically reduce the principal they owe over five years, as long as they stay current on payments.
The program targets borrowers who owe more than 120 percent of their home’s worth.
BofA is also expected to reduce principal balances on "payment option" ARMs with negative amortization to as low as 95 percent of property’s value.
Beginning in May, BofA is expected to identify and notify homeowners it believes are eligible for these adjustments.
Source: Reuters News, David Lawder (03/24/2010)
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