Bank of America announced that it will forgive second-lien mortgages for about 150,000 of it’s borrowers. 150,000 letters were mailed to Bank of America customers who may be eligible for the program. The program is intended to provide relief to some mortgagees who are having difficulties making their first mortage payment while assisting in increasing equity. Those who qualify will have the full unpaid principal balance forgiven automatically if eligible.
Good news for some struggling families!