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BOA's National Homeownership Retention Program Question

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    BOA's National Homeownership Retention Program Question

    Anyone have any information re: Bank of America's National Homeownership Retention Program?

    It states that certain loans are eligible for this program? Anyone know what this means?

    Also, in order to be eligible for principal forgiveness:

    * you must be at least 60 days late on your home loan payments
    * the remaining principal balance on your home loan must be more than 120% of the current value of your home

    What do they mean by "must be more than 120% of the CV of home"?

    My mortgage is 212K, however Zillow values my home at 205K.

    #2
    Originally posted by minan View Post
    Anyone have any information re: Bank of America's National Homeownership Retention Program?

    It states that certain loans are eligible for this program? Anyone know what this means?

    Also, in order to be eligible for principal forgiveness:

    * you must be at least 60 days late on your home loan payments
    * the remaining principal balance on your home loan must be more than 120% of the current value of your home

    What do they mean by "must be more than 120% of the CV of home"?

    My mortgage is 212K, however Zillow values my home at 205K.
    Please disregard above post. I didn't know how to remove the post. I already found the answer.

    Comment


      #3
      This sounds interesting. What did find, and what are you trying to accomplish?
      1/15/10 Filed ch7 2/18/10 314 meeting
      2/22/10 Report of No Distribution
      4/20/10 Discharged 5/20/10 Closed!

      Comment


        #4
        I was looking into options for dealing with mortgage. This BOA program turns out to focus only on those with sub-prime loans etc...

        I'm looking at giving up my condo - just thinking about it right now and looking at all options.

        Comment

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