How will the National Homeownership Retention Program use principal forgiveness to make my mortgage payment more affordable?
The National Homeownership Retention Program (NHRP) looks at each customer’s situation and determines how we can provide you with an affordable mortgage payment. Depending on your situation, the NHRP may use principal forgiveness to do this. The NHRP may offer principal forbearance with an opportunity to earn principal forgiveness. Principal forbearance provides temporary relief during a time of hardship. This means after demonstrating a hardship, Bank of America Home Loans will defer or postpone your mortgage payment for a period of time. For purposes of NHRP and the Home Affordable Modification program (HAMP), Bank of America Home Loans offers interest-free forbearance to qualifying borrowers for the life of the loan. At the end of the loan term or at the time the loan is paid off through sale or refinancing, any remaining forborne amount must be paid by the borrower. You may also qualify for earned principal forgiveness where a portion of the debt or loan amount is waived and you ar
