Eligible Florida homeowners will begin getting notices this week about a Bank of America push to reduce their loan balances, and the discounts have been doozies.
The average nationwide price cut for an initial group of 5,000 approved homeowners was about $145,000 per borrower.
The plan, part of a $25 billion settlement among lenders and state attorneys general, is targeting 200,000 underwater homeowners nationwide, with the highest concentrations in California and Florida.
While Bank of America officials caution that not every homeowner should expect a loan reduction of $145,000, they predict an average savings of 30 percent on monthly mortgage payments.
Read More: Bank offers 6-figure loan discounts for South Florida Homeowners - News
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