Good news for some Bank of America mortgage customers. The bank sent letters to more than 200,000 homeowners who may be eligible to modify their mortgages under the deal hashed out with the federal government and state attorneys general. The idea is to create affordable monthly payments for troubled homeowners.
To qualify you must owe more on the mortgage than the home is worth and be at least 60 days behind on payments as of January 31, 2012. And your payments must total more than 25 percent of your total gross household income.
Bank of America’s Ron Sturzenegger said, “To the extent principal reduction and other modification tools help us turn mortgages head for possible foreclosure into long-term performing loans, it will be positive for homeowners, mortgage investors and communities.”