Bank of America will be participating in Obama’s Home Affordable Foreclosure Alternative program starting April 5th. The HAFA program is designed to qualify a home owner and a price for the home in advance of the contract. The Bank of America representatives will be going through an extensive training this weekend before the launch on April 5th.
In addition, Bank of America will also be participating in the National Homeownership Retention Program coming out in 60 days which will allow home owners who are current on their mortgage, but upside down to have a principle reduction of at least 10% and refinance into an FHA loan. The principle reduction will take the loan to value to 97.5% and the combined loan to value to 115%.
To find out if you are eligible for either of these program, please contact our office at 941-954-9991
Written and Posted by Karen Gagliardi, Business Development Coordinator with Berlin Patten, PLLC.