Bank of America has announced a new program to assist homeowners. Bank of America will release the second lien mortgages for homeowners whose second lien is owned and serviced by Bank of America – these are known as portfolio loans – which meet a certain delinquency or property value criteria or a second lien associated with a first lien on which payments have not been made in a long time. Bank of America does not have to own or service the first lien for the Bank of America second lien to qualify. Nevertheless, most of the eligible second mortgages which qualify for the program are delinquent.
150,000 letters are being mailed to prequalifed homeowners, offering them automatic release of their second mortgages. This is why it is extremely important to open all mail from a mortgage holder.