New York, March 9 (FinanceEnquiry.com) – The terms of last month’s foreclosure settlement between Bank of America (NYSE: BAC), the state and federal authorities have been disclosed. Under the terms of this deal, Bank of America will provide greater-than-anticipated principal reductions for about 200,000 homeowners. A spokesman for the bank said that homeowners, who owe more than the worth of their homes, will be entitled to cuts that could total more than $100,000 each.
Bank of America expects to be able to diminish what it owes in penalties by up to $850 million under the terms of the settlement. The principal reductions for the affected customers of the bank will probably be higher than that for the wider group of distressed homeowners covered by the settlement. The settlement is likely to be filed as soon as Friday and the details of a separate deal would form a part of the court documents.
It was revealed that mortgages owned by Fannie Mae and Freddie Mac, the government-sponsored entities, as well as those backed by the Federal Housing Administration and the Veterans Administration will not qualify for principal reductions, as in the case of the broader settlement. Eligible borrowers would need to fulfill some conditions that include being 60 days or more overdue and having a loan that has unpaid balance exceeding the value of the house.
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