On March 24, 2010, Bank of America announced enhancements to the National Homeownership Retention Program to modify the mortgages of qualified homeowners who are experiencing financial hardship. The National Homeownership Retention Program is already available to customers with a Countrywide subprime loan or Pay-Option ARM loan. Soon, as an update to the existing mortgage modification program, they will expand it to include two-year hybrid adjustable-rate mortgages. They are also expanding the eligibility date, to include loans originated on or before January 1, 2009. The program is extended to December 31, 2012.
Am I eligible for the National Homeownership Retention Program?
First, Bank of America will determine your financial situation and hardship. After they have your current financial information, they will evaluate your loan for all possible home retention options so that you can determine which option might be right for you.
You may be eligible for the enhancements to the National Homeownership Retention Program if you meet the following program requirements:
- 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%.
Exactly what will they offer eligible borrowers:
- Reducing interest rate
- Providing a term extension
- Providing principal forgiveness or principal forbearance
A FEW FAQS
How do I apply or find out if I am eligible:
Please call Bank of America Home Loans Customer Service at 1.800.669.6607 if you would like to determine your eligibility. Bank of America Home Loans will also be contacting eligible customers to see if they are interested in applying for the program.
When will the progam start of go into effect:
The program is already in effect, and will be enhanced in mid-May.
This would have helped me 2 months ago but now my house is on the market as short sale:
Even though you have started the short sale process, you can still be evaluated for a loan modification unless you have already been in a modification trial period or have received a permanent modification. If your financial situation has changed, we can collect your new financial information and reevaluate your loan for this program and other foreclosure prevention options. Please call us at 1.800.669.6607
I asked for this months ago, now I am in foreclosure , what are you going to do for me?
If your financial situation has changed since your loan was last evaluated for a modification, we can collect your new financial information and reevaluate the loan for this and other foreclosure prevention options.
I have rental & investment properties. Does this program qualify?
No. This program is only for owner-occupied properties.
Contact County Properties for help now or call (619) 301-0200