Countrywide National Homeownership Retention Program.
The Countrywide and Bank of America National Homeownership Retention Program was created to help up to 400,000 homeowners across the nation receive mortgage assistance in the form of a loan modification, lower monthly payments, and more. The bottom line is that the program was designed to help people achieve both sustainable and affordable mortgage payments for up to 400,000 borrowers who were provided financing by Countrywide in the form of payment-option, subprime, or adjustable-rate mortgages, all of which are considered higher risk.
Both Bank of America and Countrywide realize that many individuals and families people are experiencing financial challenges during this difficult economy, and they are offering these mortgage programs to help as many qualified borrowers as possible stay in their homes and prevent foreclosing on them. If you think you may fall behind on your mortgage, or if you are currently behind on your mortgage payment due to a financial hardship or emergency, contact Bank of America to learn how they can help you.
Bank of America can help by:
Their number one goal is to work with you to find a way to keep you in your home, that is both realistic for the homeowner and for the bank. Whether you are behind on a mortgage payment right now, or even if you think you might fall behind on your payments in the future, or if you are having difficulty with them they have a team of specialists that will work closely with you to determine your eligibility for one or more of these potential solutions, such as a loan modification that can benefit you by below:
- Extending the length or term of the mortgage loan.
- Refinance your loan.
- A reduction of your interest rate.
- Waive fees and late charges.
- Temporarily freeze your monthly mortgage payments.
- Extended repayment schedules that will lower the individual payments.
- Wipe out or decreasing the total principal balance of the loan.
- BOA has also created a new principal reduction program. Learn more.
There are some conditions. Your mortgage must have been originated or serviced by Countrywide and the loan needs to be either a pay option or subprime mortgage that was originated prior to December 31, 2007. If this is the case, then you may qualify for mortgage or foreclosure assistance through the Countrywide National Homeownership Retention Program. While they did start to proactively contact customers starting After December 1, 2008, you still should contact Bank of America, especially if you have not heard from them yet. They expect over 400,000 families to be offered mortgage aid, including modifications and other changes to the mortgage.