Beware of Banks Bearing Gifts. In recent foreclosure news, Bank of America has announced a new program offering homeowners, who are behind on their mortgage, another option to avoid foreclosure. Through this program, borrowers can attempt to qualify to have the amount they owe be reduced by up to $100K. Sounds great right? Not so fast. Unfortunately, if the loan is owned by Fannie Mae or Freddie Mac, it doesn’t qualify. Most loans are owned by one these companies, so the majority homeowners won’t qualify for this relief to their mortgage. Thanks for nothing, Bank of America. (Story: Bank of America to reduce loans for homeowners )
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