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.
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.
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