Yesterday's $25 billion agreement between five big U.S. banks and state attorneys general could help some three million homeowners who owe more than their homes are currently worth.
Bloomberg News reports a case of a J.P. Morgan Chase letter to a homeowner that said "you could sell your home, owe nothing more on the mortgage, and get $30,000."
L.A. Times consumer columnist David Lazarus joins Tess to answer questions about debt mediation services and how to cope with the bank when your home is underwater.
