I still wonder if this is permissible under the trusts and if there will be any ramifications?
Great for the homeowner.
HW-
Bank of America ($9.39 0.06%) approved 30,000 mortgage customers for principal reductions on first-lien mortgages with a total value of $4.75 billion as part of its consumer-relief mandate under the national mortgage servicing settlement program.
Bank of America executives participated on a teleconferenced update to the settlement.
They said that, through September, BofA completed or approved $15.8 billion in mortgage debt relief for 164,000 homeowners.