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LOS ANGELES (AP) - Homeowners with a Bank of America mortgage havegood reason to check their mailbox. The lender said Tuesday it has begun mailing out letters tocustomers who may qualify to have their home loans reduced as partof a multistate settlement over alleged foreclosure abuses. The Charlotte, N.C.-based company estimates that more than 200,000of its customers could potentially be in line for a reduction inthe principal balance on their mortgage. Some customers could receive letters from the bank as early as thisweek that invite them to provide financial information as part of areview process for the program. The bank plans to have mailed outmost of the letters by the end of the third quarter. Bank of America estimates that customers who end up receiving theloan modifications will save, on average, 30 percent a month ontheir mortgage payments. Among the criteria to qualify, borrowers must owe more on theirmortgage than the property is worth, and be at least 60 days behindon payments as of Jan. 31. Bank of America will reduce the amount owed by the homeowners by asmuch as $100,000 in some cases. And only mortgages that arecurrently owned by Bank of America will qualify. Those that areowned by government entities Fannie Mae and Freddie Mac, or backedby the Federal Housing Administration, will not be eligible. The lender said it began reducing the principal balance onmortgages in March, focusing initially on homeowners who alreadyhad a loan modification bid under review. Under this initiative, the bank said it has mailed 5,000 trialmodification offers, representing potentially more than $700million in forgiven principal balances. Bank of America Corp., Wells Fargo & Co., JPMorgan Chase &Co., Citigroup Inc. and Ally Financial Inc. agreed to a $25 billionsettlement with 49 state attorneys general and federal officials inFebruary. Most of the settlement is earmarked for reducing loans for about 1million U.S. households that owe more on their mortgages than theirhomes are worth. About 11 million American households are "underwater" on theirmortgages, meaning they owe more than their homes are worth. Thebroader settlement is expected reduce loans for only about 1million of those Americans and send checks to others who wereimproperly foreclosed upon. Of the five major lenders, Bank of America's penalties were thehighest: $11.8 billion. The settlement ended a painful chapter of the financial crisis,when home values sank and millions edged toward foreclosure. Lenderabuses exacerbated the crisis. Many companies processedforeclosures without verifying documents. Some employees signedpapers they hadn't read or used fake signatures to speedforeclosures, a practice known as robo-signing. In the fall of 2010, Bank of America along with other large lenderstemporarily halted foreclosures after a furor over robo-signeddocuments. The e-commerce company in China offers quality products such as Disposable Medical Products , Disposable Infusion Manufacturer, and more. For more , please visit Urine Drainage Bag today!
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