Bank of America, including some other large banks, just struck a $26 billion settlement with state and federal officials.
As part of this settlement, Bank of America will provide to some of their select borrowers who are underwater on their property reductions in their mortgages, as payback for their past unlawful behavior in their foreclosure practices. In exchange, Bank of America will have to pay less in penalties. If you are not one of the lucky few who may benefit from this settlement, contact a debt settlement attorney who can help negotiate a reduction in that second mortgage. Whether the end consumer will actually benefit from this settlement, remains to be seen. In the meantime, you may just want to speak to a debt settlement attorney in order to understand your options with your mortgage debt.