Relief is on the way for some financially strapped homeowners.
Charlotte, N.C.-based Bank of America, which took control of Countrywide Financial Corp. early this year, said Monday it will modify bad mortgages with up to $8.4 billion in interest rate and principal reductions for 400,000 Countrywide customers.
The package is to settle charges of lending abuse brought by attorney generals in nine states, including Florida.
In the Sunshine State, more than 57,000 homeowners will receive nearly $1 billion in total relief, Attorney General Bill McCollum said Monday.
The mortgage aid includes revising customers' payments so they can stay in their homes and making cash payments to some borrowers who have already lost their homes. Floridians are expected to receive more than $20 million in such payments. An additional $4 million is slated for Floridians who agree to vacate their homes at the time of the foreclosure sale.
Consumers can call Countrywide toll-free at 1-800-669-6607 for information.
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