National Home Retention Program

Bank Of America Principal Reduction ARE YOU ELIGIBLE?

  • First, Bank of America Home Loans will need to determine your financial situation and hardship. Once we have your current financial information, we will evaluate your loan for all possible home retention options so that you can determine which option might be right for you.
  • MAYBE IF:
  • Have a Countrywide subprime mortgage, a Pay-Option adjustable rate mortgage or a prime two-year hybrid adjustable rate mortgage
  • Originated your loan on or prior to January 1, 2009
  • Are 60 days or more delinquent or in imminent danger of default and the current loan-to-value ratio is 75% or higher (The loan-to-value ratio is the ratio between the unpaid principal amount of your loan and the appraised value of your home)
  • Have a subprime hybrid ARM and are current but believe you will not be able to afford your mortgage payment in the near future as a consequence of a rate reset, and the loan-to-value ratio at the time of the modification is 75% or higher
  • Have a Pay Option ARM and are current but believe you will not be able to afford your mortgage payment in the near future as a consequence of a rate reset or payment recast, and the loan-to-value ratio at the time of the modification is 75% or higher
  • Have a property that is a 1-to-4 unit owner-occupied residential property
  • For the earned forgiveness program, be 60 days or more delinquent and the current loan-to-value ratio is 120% or higher
  • For the negative amortization principal reduction program, be 60 days or more delinquent or be current but reasonably likely to become 60 days or more delinquent (i.e. facing imminent default) and the current loan to value ratio is above 95%.
  • WHAT AM I ELIGIBLE FOR?
  • Bank of America Home Loans offers a range of modification solutions for customers facing financial hardship. The National Homeowner Retention Program is one of the programs that we offer for customers with subprime loans, Pay-Option ARM loans or prime two-year hybrid loans who meet program requirements. Other programs, such as the Home Affordable Modification program (HAMP), are also available and designed to provide more affordable mortgage payments to customers facing financial hardship. Modifications will provide more affordable payments using a combination of the following:
  • Reducing interest rate
  • Providing a term extension
  • Providing principal forgiveness or principal forbearance
  • Once the enhancements are launched, Bank of America Home Loans will both mail and call all eligible customers to collect the necessary information and determine if they qualify for the National Homeownership Retention Program.

    The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful guided HAMP submission, including customized HAMP Calculations, hardship letters, profit and loss statement and more.. Still need more? One on One coaching is also available.

    Save Your Home be your own best advocate
    Save Your Home