Bank of America initiates home loan modification offers following settlement
LOS ANGELES -- 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.
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