America Home Retention Department has come out with a principal forgiveness program aimed at certain underwater loans fulfilling the requirements of its existing National Homeownership Retention Program (NHRP). The highlight of the program is a cut down on the principal balance by percent over a period of 3 to 5 years.

Only those who are at least 60 days behind on their payments with a principal amount that is more than percent of the current home value are eligible to qualify for the loan forgiveness plan. To get more details call Bank of America Home Loans Customer Service at 1.800.669.6607.

Bank of America Home Retention Program

The new announcement has expanded the reach of National Homeownership Retention Program, which was earlier available to only Countrywide Bank customers with a subprime loan or a Pay-Option ARM loan. The homeowners with mortgage origination date prior to January 1, 2009 are now eligible to apply, which they can do anytime before Dec 31, 2012, the date on which the program ends.

The payment assistance is provided through reduced interest rate, elongated loan term or principal forgiveness or forbearance. To determine the type of loan you are having with Bank of America and whether this loan type is qualified under the BofA home retention program, you can call the customer service department at 1.800.669.6607 to talk to a specialist.

Note that the payment assistance under this program is not available for home equity loans or on properties other than the one you are currently using as primary residence, such as rental, vacation or investment property. Moreover, you are still eligible to apply even if you are in the midst of a foreclosure process.

Countrywide borrowers facing foreclosure can also get assistance through Foreclosure Relief and Relocation Assistance programs. Contact Rust Consulting Division at 1.866.411.6987 or visit countrywidesettlementinfo.com for more information.

Bank of America Home Retention Department

Bank of America Home Retention Department offers solutions to troubled mortgage customers who have either missed their payments or are expecting a financial hardship soon. The home retention team is trained enough to understand the financial difficulty of the borrower completely and suggest a solution that they can afford and continue to retain homeownership.

The department has built a strong team of over 6000 home retention specialists who are accessible from across the country at just a phone call. Moreover, the team is pursuing an aggressive approach in keeping in touch with different community groups in order to reach more homeowners at risk of foreclosure. Referred to by names like B of A home retention department, division, center, the team is accessible via phone. Here is the number.

Bank of America Home Retention Department Phone Number: 1.800.846.2222
Bank of America Home Loan Assistance Center Phone Number: 1.800.720.3758
Fax Number: 716.635.7255