Absolute Consultant Group (ACG), a leader in Loss Mitigation and Workout Negotiations, is reporting today that they received word from a Bank of America (BAC Home Loan Servicing LP) insider that there will be a new expansion into the Nationwide Homeownership Retention Program (NHRP). Most importantly these enhancements to the Attorney General’s program will be the addition of the long awaited Principal Reductions to those Sub-Prime and Option ARM Loans.
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The complete terms of these and other options are currently in the works and should be rolling out over the next couple of weeks. Current speculation is that the programs will be mainly for those that do not qualify for a loan modification which accounts for a large portion of the homeowners looking to find assistance. It has been several years and still the true affect of these mortgage workouts has been futile at best. Due to all the confusion More and more homeowners are finding that they need to reach out to various types of 3rd Party companies to help process their short sales, loan modifications, principal reductions, short refinancing and more.
As more details roll out we will keep everyone attuned. Getting information from the inside can really make a difference in the turn out of your mortgage modifications and loan restructuring options consult a professional because you may miss out on your opportunity to change the terms of your loan for good!
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Jonathan Katz and I have worked together for years. This will be interesting to watch.