That was my initial reaction too!
Apparently Bank of America is sending out letters to approximately 150,000 people telling them that they will pay off the second mortgage that BoA services or owns. There are certain guidelines that will have to be met and only those that have received the letter will be able to use this program – for now.
This program will not help any homeowners that are also delinquent on the first mortgage with that particular loan, so if you are behind on your mortgages call to see which workout programs may be available to you. Depending on your situation a short sale may be the best option and if the home is your primary residence you could qualify for the HAFA program!
Here is an article with some more information about this new development.