Bank of America Slashing Florida Mortgages

by Isaac Benmergui, Esq on May 23, 2012

Eligible Florida homeowners could see their mortgages reduced by as much as $145,000 in the coming days. Bank of American began sending notices to homeowners across the country that their mortgages were eligible for as much as a 30 percent reduction under the $25 billion settlement  between the nation’s five biggest banks and the states’ attorney generals.

To be considered eligible for a loan balance reduction, the homeowner must have an underwater mortgage and be at least 60 days behind on their payments as of January 31. The borrower does not have to live in the home at present, only at the time the loan was made. Also borrowers do not have to show proof of hardship (job loss, illness and spousal death).

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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