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BofA Offers Relief to 330K Homeowners Through Settlement

""Bank of America"":https://www.bankofamerica.com/ announced it has completed or approved nearly $30 billion in relief to more than 330,000 homeowners as of the end of 2012.

Examples of consumer relief provided by the Charlotte-based bank include:

* $7 billion in first-lien principal reduction, with 47,000 customers assisted

* $9.8 billion in home equity relief, with 144,000 customers receiving extinguishment or a modification on a home equity loan or line of credit

* $162 million for 23,500 borrowers who received enhanced relocation benefits after completing a short sale

* $11.8 billion in deficiencies waived on short sales

* 7,500 interest rate reductions, with average rate reductions of 2 percent

Settlement monitor Joseph A. Smith, Jr. released the full ""report"":https://www.mortgageoversight.com/reports/ongoing-implementation/ Thursday.

About Author: Esther Cho


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