What does this mean for you if you have a second mortgage with B of A? A lot, if you receive one of the letters. And if you don’t … not so much.
B of A already has selected the 150,000 homeowners who will receive the loan forgiveness; this isn’t a program for which you can apply, and if you didn’t receive a letter you’re not going to be part of it.
So if you’re behind on your B of A second (or your first mortgage) and didn’t receive the letter, the same options apply – a short sale, bankruptcy or foreclosure depending on your circumstances.