Well, you could hope for banks to do the right thing and work with homeowners who are underwater on their home's value but most banks won't help until they are forced to. Such is the case with Bank of America who just settled with the federal government and have been forced to help homeowners with Bank of America loans. There in lies the rub. Just before the settlement was finalized, Bank of America spent the past year selling off thousands of loans to several different lenders. For these former BofA homeowners, there is often no help available. BofA successfully mastered a large shell game and diversified their liabilities. Let me just say for the homeowners that now have a different lender, thanks BofA - for nothing.
Bank of America offers principal reductions to 200,000 homeowners
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