BofA Agrees to Write Down California Mortgage Principal

Hurray! We finally see a major bank agree to work with the “Keep Your Home California Program.”

This program will help decrease the projected foreclosure in California. One of the per-requisites to qualify is that the homeowner be unemployed or that their income have decreased so that they cannot meet their contractual payments on time. Also, their income cannot exceed $75,600.

Is this a fair program? What about homeowners who continue to pay their mortgage into a property that will never see its value return? How will they be compensated for adhering to their contractual agreement? What about those who already lost their homes to foreclosure or short sale?

Too bad not everyone can win. Read more here:

Bank of America agrees to write down California mortgage principal