AG Settlement: Florida Underwater Homeowners May See Principal Reductions

March 9, 2012, by Christie D. Arkovich, P.A.

underwater house.jpgThe recent AG settlement among the states' Attorneys General and the five largest mortgage servicers is expected to be filed any day now. Hopefully then more light will be shed on what exactly the terms are and how they will help Florida homeowners.

The Wall Street Journal reported today that Bank of America also made a side deal to avoid penalties and will be doing more principal reductions. Under the terms of the settlement, the five servicers are required to make more than $10 billion in principal reductions. There is a lot more info in the article at the link above.