Bank of America Home Loans extending Principal Forgiveness to help Avoid Foreclosure. Bank Of America Nhrp Programmi
Bank of America to Forgive Some Mortgage Debt. Amid mounting pressure for mortgage bankers to cut troubled homeowners some slack, Bank of America has announced it would begin a program of reducing some homeowners' principal, not just the terms of the loan. A reduction in principal would be of most help to homeowners who are . But it comes in response to pressure from the Obama administration for it, and all other servicers, to step up efforts to modify troubled mortgages under the federal mortgage modification plan. Under the announced plan, Bank of America will look first at principal forgiveness - - ahead of an interest rate reduction - - when modifying certain subprime, Pay- Option and prime two- year hybrid mortgages qualifying for its National Homeownership Retention Program (NHRP). It's introducing an earned principal forgiveness approach to modifying mortgages that are severely underwater. The program changes are designed to encourage greater customer participation in the company's homeownership retention programs. Bank of America said it developed and launched the NHRP in 2. Countrywide borrowers who financed their home with certain subprime and Pay- Option adjustable rate mortgages (ARMs). Bank of America removed these from the Countrywide product line upon acquiring Countrywide in July 2. Targets Countrywide borrowers. The new program is targeted specifically at Countrywide borrowers, many of whom are currently underwater because of the declining real estate market and the nature of the loan. Under one scenario, some amount of the principal might be separated from the loan and maintained in an interest- free account. Bank Of America Nhrp ProgramaAs long as the borrower continued to make payments, a portion of the suspended equity would be forgiven each year until the balance is zero or the marketed recovers to the point that the homeowner has positive equity. The bank will identify mortgages that may be eligible for these solutions and proactively contact those customers to ascertain their interest in a modification and to request documents necessary to determine actual eligibility. BANK OF AMERICA CORPORATION. National Homeownership Retention Program (NHRP). Stabilization Program funding, the bank has established a separate staff within its REO. Discussion in 'Bank of America Mortgage Help' started by cjbory, Aug 26. Here are the eligibility requirements for this program. Forums > Mortgage Advice > Bank of America Mortgage Help > Forums. If you're having trouble paying your mortgage, Bank of America offers home loan assistance solutions that can help you. Hardest Hit Fund First Lien Relief Program; Bank of America Home Loan Modification; Home Equity. Option-ARM Borrowers Avoid Foreclosure in First. 100,000 Subprime, Option-ARM Borrowers Avoid Foreclosure in. National Homeownership Retention Program (NHRP), Bank of America has provided mortgage relief to 100,000. Bank of America made big news when it announced its mortgage reduction plan. An Inside Look at BofA Mortgage Relief. As part of its new NHRP efforts, Bank of America promises to.
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