The Pacific Business News is reporting today that some Hawaiian homeowners can expect to start receiving letters informing them that they may be eligible for reductions in principal or mortgage interest rates.  These letters are partially a result of the $25 billion settlement over abuses in the mortgage lending business by Bank of America, J.P. Morgan Chase & Co., Wells Fargo & Co., and Ally Financial Inc.

Notwithstanding the fact that this may be very good news for some, homeowners should exercise caution before accepting these proposals and take steps to confirm that the new terms are in their best interests.

If you have received one of these letters, or are in need of assistance due to a burdensome mortgage payment or accumulated arrears, then please contact us at Abelmann Law to schedule a free consultation.