What is the National Homeownership Retention Program (NHRP)?
NHRP, launched in October 2008, is a loan modification program that emerged from an agreement with several state attorneys general to provide assistance to former Countrywide borrowers with Sub-prime and Pay-Option adjustable rate mortgage (ARM) loans. +++++++++++++++++++++++++++++++++++++++++++++++++++++ BOA found that many homeowners who owe considerably more than their home is worth are reluctant to accept a solution that does not address a reduction in the principal balance due. In BOA’s outreach to date, about 30% of underwater and delinquent customers who had not responded to offers of modifications without a principal reduction component did respond when offered a significant reduction in principal. Expanding NHRP will enable BOA to more effectively help customers, especially those who are severely underwater.
