Bank of America Home Retention Program

Bank of America Home Retention program is designed to provide the customers of the bank with the resources and the necessary help to sustain their home ownership. The bank has announced that the home retention program will modify a large number of troubled mortgages and offer principal reductions for about 400,000 customers of Countrywide Financial Corporation. Bofa home retention program was developed with the help of state Attorneys and is designed to provide affordable and sustainable monthly payments for those borrowers who have purchased their homes by using sub-prime loans or who pays adjustable-rate mortgages.


Bank of America home retention team strongly believe that they have developed, with the help of Attorney Generals, a comprehensive program that will provide reliable solutions for troubled borrowers and bring them back on the path of sustaining homeownership. Since the acquisition of Countrywide by Bank of America in July, 2008, the bank has developed several innovative programs to assist as many borrowers as possible in keeping their home. The main concern of this retention program is the proactive loan modification process which provides relief to a large number of eligible mortgage borrowers who are delinquent or likely to become delinquent in the future.


With Bank of America home retention, various options will be made available for eligible borrowers to make sure that modification programs are completely affordable and sustainable for them. Modification options offered under the home retention program include;


* FHA refinancing options under the HOPE program

* Reductions in interest rates that will be granted automatically through streamlined processing

* Principal reductions with Pay Option variable rate mortgages which will restore lost equity of several borrowers.


The programs are available to mortgage loan customers serviced by Countrywide and who own their home as primary residence. Countrywide will not charge any loan modification fees or prepayment penalties to eligible applicants of this program. Before making any application to the Bank of America Home Retention Department, it is essential for the borrowers to prepare their bank statement, tax returns and property address. Moreover, the borrowers are also required to prepare their income document, expenses record and the reasons to proof their financial inability.

More Information Visit: www.bankofamerica.com