Bank of America announced at the end of February that it would be participating in the principal reduction program. Currently, Bank of America is sending out solicitations to qualified homeowners who may be eligible for this program. Homeowners are then instructed to call Bank of America to receive information regarding the required documents that need to be submitted in order to be evaluated for the program. While this is a significant development for the program,it is important to note that only loans that Bank of America owns, approximately 20 percent of their servicing portfolio, are eligible for the program
Originally created and posted on the Oregon Housing Blog.
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