|Bank of America Home Retention Program for Countrywide Customers across the nation has really benefited the borrowers suffering from troubled mortgage because of predatory lending. This special program has been announced by Bank after acquiring Countrywide. Bank of America Retention plan has been developed by 11 attorneys general and the team from bank. With this home retention program, troubled mortgage will be modified, benefiting about 400,000 Countrywide Financial Corporation customers throughout the nation. Under this programs customer from the Countrywide who have taken subprime loan or adjustable rate mortgage before December 31, 2007 have been benefited. The main aim of this Bank of America home retention plan was to help the homeowners in keeping their home.
Under this retention plan, first of all eligibility of borrowers is checked. Customer who uses the home as primary residence are eligible for this retention program. No loan modification fee and prepayment penalties will be charged on the eligible customer by Countrywide. During this period no foreclosure sale is done. Then new modified loan is presented that makes the monthly payment less than earlier and helps the borrowers to retain the home. Under loan modification, Bank of America home retention program will will make the payment of principal, interest rate, insurance and taxes to be equal to 34% income of borrower.
Bank of America ownership retention program include modification that are:
- Changes in the interest rate so that monthly payment get reduced
- FHA refinancing
- Restoring lost equity by reducing principal amount on Pay Option of adjustable rate mortgage
Bank of America Home Retention Department
Before contacting the Bank of America home retention department it is necessary to have your loan number and property address ready. Along with this also keep the last two month's bank statements and tax returns. Also keep recent income documents, current expenses and reason for your present financial condition ready.
Bank of America Home Retention Plan
By browsing this link find out information on Bank of America ownership retention program.