Is a Bank of America modification right for me?
Program goal
The options we offer are designed to help qualified borrowers avoid foreclosure. You may be eligible even if you no longer live in the property. There are no limitations on the amount of your mortgage or when your loan was originated.
Eligibility
You may be able to modify your home loan under one of the programs we offer if all of the following apply:
- you are experiencing a financial hardship, such as a job loss
- you are 60 or more days behind on your mortgage payments
- the property is a 1- to 4-unit house, condo or manufactured home; buildable home lots may also qualify
- all borrowers on your loan agree to participate
- you permit access to the interior of the property for an appraisal or inspection, if required
- you provide all financial information requested, and show that your income is consistent enough to make the modified monthly payments
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 $3,000–$30,0001 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.
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.
If our initial review of your current situation determines that your loan could be eligible for a modification, we will send you a financial information packet 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.
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.
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.
Get more details on the Bank of America modification program.
1 The relocation assistance payment is calculated based on the appraised value of the homeowner's property. The total amount will be no less than $3,000, but no more than $30,000. If the property is the principal residence of a tenant or other occupant, the occupant may be eligible to receive $3,000 of the relocation assistance. If you are eligible for an amount above the $3,000 HAFA relocation assistance, the additional amount will be paid you. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which include but are not limited to the following: a full walk-through appraisal must be completed and you must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). If you are still responsible for a deficiency balance after the sale, you should be aware that this relocation assistance will increase that deficiency since it reduces the amount available to apply towards your mortgage debt. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, you will not receive the relocation assistance payment. The amount of any relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or your tax preparer to determine if you have any tax liability. In order to receive the relocation assistance, the property must close by September 26, 2013.
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 also 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.
When you receive the financial information packet, you will need to complete the enclosed forms and provide all the documents listed for you. Be sure to sign and return your completed forms and documents to us as soon as possible.
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 $3,000–$30,0001 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.
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 $3,000–$30,0001 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, notarized if required, and returned to us before your modification becomes permanent.
1 The relocation assistance payment is calculated based on the appraised value of the homeowner's property. The total amount will be no less than $3,000, but no more than $30,000. If the property is the principal residence of a tenant or other occupant, the occupant may be eligible to receive $3,000 of the relocation assistance. If you are eligible for an amount above the $3,000 HAFA relocation assistance, the additional amount will be paid you. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which include but are not limited to the following: a full walk-through appraisal must be completed and you must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). If you are still responsible for a deficiency balance after the sale, you should be aware that this relocation assistance will increase that deficiency since it reduces the amount available to apply towards your mortgage debt. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, you will not receive the relocation assistance payment. The amount of any relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or your tax preparer to determine if you have any tax liability. In order to receive the relocation assistance, the property must close by September 26, 2013.
Bank of America Modification Programs Frequently Asked Questions
Bank of America offers a variety of home loan modification programs that address the different circumstances our customers may be dealing with, including underemployment, military service and more. When you contact us to discuss your situation, we will first check to see if you are eligible for the federal government’s Home Affordable Modification Program. If you are not eligible for the Home Affordable Modification Program or if you have chosen not to participate, we will evaluate your request to see if there are any other loan modification options available to you which would allow you to stay in your home.
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.
If you were denied home loan assistance, such as a request for a loan modification, short sale or deed in lieu you may be able to dispute the decision. You can file an escalated case with us if you have reason to believe any of the following are true:
- you met all the criteria for home loan assistance but were not properly evaluated for assistance or were improperly denied assistance. This may include:
- you did not receive adequate notice from us about your foreclosure alternatives
- you were not given appropriate time to respond to communications from us during your loan review process
- your loan was referred to foreclosure prematurely, or we did not suspend foreclosure activities when we were required to do so
You can also file an escalated case if either of these two specific concerns apply to your loan:
- you have a reasonable belief that your mortgage loan is being serviced in a fraudulent manner
- you have retained a lawyer to help you resolve a mortgage dispute with Bank of America
If you have reason to believe that any of the above apply in connection with your loan review and affected your eligibility for home loan assistance, you may file an escalated case with us to review your concerns.
Please note that inquiries about a pending request for home loan assistance or general questions about the servicing of your mortgage do not meet the requirements for an escalated case. For general servicing questions, please call 1.800.669.6607 (Monday-Friday, 7am-7pm local time).
To file an escalated case, you or any third party representing you, such as a housing counselor or attorney, should send us a brief letter describing the specific reasons you believe one of the above scenarios applies to your loan or to your application for home loan assistance. If you are represented by an attorney, please have your lawyer submit this request on your behalf.
Escalated case requests must be sent by mail to the following address:
- Bank of America Corporate Center
Attn: BAC Escalated Case Unit
P.O. Box 940508
Simi Valley, CA 93094-0508
Please note that if a third party, such as an advisor or a nonprofit advocate, contacts us to submit an escalated case on your behalf, we must have your written authorization before we can communicate with them about you or your loan. Without your written authorization, we will not be able to discuss your home loan with them. We can provide you with an authorization form upon request.
What to expect after submitting your request
Within three business days after receipt:
- If your submission meets the requirements for an escalated case, within three business days of the receipt of your request, we will send you a written acknowledgement that we have received your request. This acknowledgement will also include the estimated date by which your escalated case should be resolved, along with a toll-free number for the Escalated Case Unit.
Within 15 calendar days after receipt:
- In most cases, within 15 calendar days of receiving your request, we will mail you a written response describing the proposed resolution of your request and any next steps to be followed by you or by us. If your matter cannot be resolved within 15 calendar days, we will notify you of the delay and give you a new estimated resolution date. This new estimated resolution date, in most cases, will be no longer than 30 calendar days from the date we received your original escalated case.
Checking the status of your escalated case
Your written confirmation will include a toll-free number you can call for information about your escalated case.
