An agreement with Countrywide Financial Corporation will provide more than $212.8 million to struggling homeowners in Virginia.

Under the settlement, Countrywide can freeze or reduce interest rates, and lower the principal owed.

Jumana Bauwens, spokesperson for Bank of America, the company that owns Countrywide, says the company will contact eligible homeowners.

She says, "We're reaching out proactively to our borrowers via mail or telephone and so we are calling up and finding out more information about their financial history and what their current situation is like and based on that information. We will design a program for them."

Countrywide hopes to help more than 8,900 Virginia homeowners.