Is a Bank of America modification right for me?
Program goal
Bank of America offers different modification programs which may be available to qualifying borrowers who are experiencing financial hardship. The goal of these programs is to modify your home loan so the monthly payments are affordable and sustainable.
Eligibility
You may be eligible to modify your home loan under one of the programs we offer if you are experiencing a financial hardship such as a job loss, and you meet other eligibility requirements.
If you are not eligible for a modification—and you have been unable to resolve your difficulty through other programs—you may need to consider options that involve leaving your home.
If your house is currently worth less than the amount remaining on your loan, you may be able to sell your house in a short sale. You may be eligible for a program such as the federal government's Home Affordable Foreclosure Alternatives program that provides a streamlined approval process and financial assistance to help you with relocation. In addition, you may be eligible for financial assistance of up to $3,000 for moving, rental, and other relocation expenses.
Program at a glance
There are four general steps involved in a typical modification program. Depending on your circumstances, the process you go through may vary slightly.
Step 1: If you are experiencing a hardship, call us to discuss a loan modification. Please be ready with your loan number, the monthly pre-tax income for each borrower and information about your current financial hardship.
Step 2: If our initial review of your current situation determines that your loan could be eligible for a modification, we will send you a package requesting the documents needed to complete the evaluation. Sign and return the information to us as soon as possible. If we do not receive your documentation by the date requested we will not be able to review your loan for modification.
Step 3: If you qualify for a program, you typically will enter a trial period of at least 3 months, although not every modification program requires a trial. Making all of your payments during this trial period is an indication of your ability to repay the loan if the modification becomes final.
Step 4: If you successfully make all of your Trial Period Plan payments, you should be eligible to receive a Modification Agreement defining the changes to your home loan. After this document has been signed and returned to us, your modification will be made permanent.
How do I get started with a Bank of America modification?
Call us to request a home loan modification
When you call us to request a modification, we will review your situation and select a program that may be most helpful for your particular loan and circumstances. After confirming that you meet the requirements for this program, we will send you a financial information packet.
After you call, we will pair you with a Customer Relationship Manager who will work with you throughout the loan assistance process.
Call us today at:
1.800.846.2222
8am-12am ET Mon-Fri
8am-8pm ET Sat
3pm-12am ET Sun
Call Information Sheet » Opens a New Window.
To help you keep track of important deadlines and take notes during the call, please print out this form prior to calling.
After you receive the packet
Complete the paperwork in the financial information packet. It is important that you sign and return these documents as soon as possible. We cannot evaluate your loan for a trial modification without all of the required documentation. If documents are missing, your Customer Relationship Manager will contact you to let you know what information you need to send us.
Now that I am in the process, what is next?
If you are already in the process of being evaluated for a loan modification, we can help you understand what you need to do next.
I have called and requested a modification
After you call and we confirm that you meet eligibility requirements, we will send you a financial information packet.
I have received the financial information packet
This packet contains a list of documents that you will need to submit, as well as forms that need to be completed. You must also provide proof of income and residency.
The following forms should be completed and signed by all borrowers listed on your loan.
Request for Modification and Affidavit (RMA) form
IRS Form 4506-T Request for Transcript of Tax Return
(only one required if you file your tax returns jointly)
It is important that you sign and return these documents as soon as possible. We cannot evaluate you for a trial modification without all of the required documentation. If documents are missing, your Customer Relationship Manager will contact you to let you know what information you need to send us.
Once all material has been received, it may take us approximately 30 business days to reach a decision and notify you.
If you do not qualify for a modification—and you have been unable to resolve your difficulty through other programs—you may need to consider options that involve leaving your home.
If your house is currently worth less than the amount remaining on your loan, you may be able to sell your house in a short sale. You may be eligible for a program such as the federal government's Home Affordable Foreclosure Alternatives program that provides a streamlined approval process and financial incentives to help you with relocation. In addition, you may be eligible for relocation assistance of up to $3,000 for moving, rental, and other relocation expenses.
I have been approved for a Trial Period Plan
If we determine that a trial period is needed, you will receive a Trial Period Plan Notice outlining the terms and the amount of your Trial Period Plan mortgage payments (our estimate of what your payments will be if your loan is permanently modified). Please note that you may not be required to go through this step, depending on your circumstances, loan type or the loan’s investor.
To begin your trial period, you must either send us your first Trial Period Plan payment or call to make a payment over the phone at no additional charge. Please note that it is only during the trial period that there is no additional charge to make phone payments. Also, these payments cannot be made at your local banking center.
Your trial period will last at least three months. It is important that you make all your payments on time in the exact amount stated on the Trial Period Plan notice. If you make a payment greater than your trial payment amount, this may indicate that you do not need assistance and your modification request may require further review.
An updated budget is an effective way to plan for your new monthly payment amount and other expenses. With a budget based on your new situation, you can take a close look at exactly how much money you have coming in, and where it is going. This can help ensure your new monthly payment amount is affordable and sustainable.
If you are unable to successfully complete the trial period to get a permanent modification of your home loan and your loan is not eligible for other programs, you may need to consider options that involve leaving your home.
If your house is currently worth less than the amount remaining on your loan, you may be able to sell your house in a short sale. You may be eligible for a program such as the federal government's Home Affordable Foreclosure Alternatives program that provides a streamlined approval process and financial incentives to help you with relocation. In addition, you may be eligible for relocation assistance of up to $3,000 for moving, rental, and other relocation expenses.
I have made all three payments during my trial period
If you successfully make your Trial Period Plan payments, and your circumstances have not changed, you should be approved for a permanent modification of your loan. You must continue making your Trial Period Plan payments until you receive a letter and Modification Agreement from us, even if this takes longer than three months.
The Modification Agreement you receive from us defines the changes to your home loan. This agreement must be signed and returned to us before your modification becomes permanent.
Bank of America Modification Programs Frequently Asked Questions
Bank of America offers a variety of home loan modification programs that address the different circumstances of our customers, including underemployment, military service and more. You may want to discuss whether you are eligible for the federal government’s Home Affordable Modification Program and other programs. You can call us at 1.800.846.2222 to speak with a specialist.
The federal government and the owners of the loans we service set their own guidelines and eligibility requirements for these modification programs. Each program will have its own criteria for eligible loans as well as its own method of modifying the loan. We will review your loan to see if your loan is eligible for modification programs that are available.
Yes. Staying current on your payments is the best way to maintain your credit. However, if you enter into a modification, your credit will be negatively impacted. Your loan will be reported as paying under a partial payment plan during the trial period, and as modified after the final modification agreement. In addition, if you are behind on your payments when you start your trial, your loan will continue to be reported as “delinquent” until your loan has been permanently modified, even if you are making your trial payments. Making a payment in excess of the trial amount in order to protect your credit may instead indicate that you are not in need of assistance and prevent us from permanently modifying your loan.
Credit scores Opens a new window are determined by a customer’s credit history and not controlled directly by Bank of America. Our commitment is to accurately report the status of all our customers.
We do not charge fees for a modification. However, you may be responsible for expenses paid by the Bank to third parties in administering your loan, such as attorney fees, recording fees, etc.
