Here is part of a press release from Bank of America:
CALABASAS, Calif., March 24 /PRNewswire/ -- Bank of America announced it will look first at principal forgiveness – ahead of an interest rate reduction – when modifying certain subprime, Pay-Option and prime two-year hybrid mortgages qualifying for its National Homeownership Retention Program (NHRP). Several enhancements are being made to the program, including the introduction of an earned principal forgiveness approach to modifying mortgages that are severely underwater. The program changes are designed to encourage greater customer participation in the company's aggressive homeownership retention programs, including our continued strong commitment to the federal government's Home Affordable Modification Program (HAMP).
If you have a loan from Bank of America or Countrywide you may want to read the entire release. You can find it here.
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