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Home loan modification programs offered by Bank of America

Home loan modification programs offered by Bank of America. If you're not eligible for, or have chosen not to take part in, any other loan modification program, Bank of America may still be able to help. We offer a variety of modification programs that can make your payments more affordable.

Is a Bank of America modification right for me?

Program goal

If you're not eligible for, or have chosen not to take part in, any other loan modification program, we offer a variety of modification programs that may make your payments more affordable. You may be eligible even if you no longer live in the property. There are no limitations on the amount of your home loan 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're experiencing a financial hardship, such as a reduction in income or an increase in your mortgage payment
  • You're 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're not eligible for a modification—and you've 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. We offer programs that may provide a streamlined approval process and financial assistance to help you with relocation.

How do I get started with a Bank of America modification?

Call us today at:
1.800.846.2222

Mon-Thu 8 a.m.-midnight ET
Fri 8 a.m.-10 p.m. ET
Sat 8 a.m.-5 p.m. ET
Sun 3 p.m.-midnight ET

Now that I'm in the process, what's next?

I've called to ask about a loan modification.

When you call us to request a loan modification, please be ready with:

  • Your loan number
  • The monthly pre-tax income for each borrower
  • Monthly household expenses
  • Information about your current financial hardship

During the call, we'll review your situation and available options.

To move the process forward, we'll:

  • Confirm that you meet eligibility requirements
  • Send you a financial information packet containing forms you'll need to complete and return
  • Pair you with a Customer Relationship Manager who will work with you throughout the process.

I've received the financial information packet.

As soon as possible, complete, sign and send us the forms in your financial information packet, along with any other documents that are requested. We can't evaluate your loan for a trial modification without all the required documentation.

After we first receive your documents, we'll contact you within five business days if any documents are incomplete or missing.

Once we've received all of your required documents, it will take 30 calendar days to complete the evaluation process on your request and notify you of our decision.

If you don't qualify for a modification—and you've 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. We offer programs that provide a streamlined approval process and financial assistance to help you with relocation.

I've been approved for a Trial Period Plan.

The purpose of the trial period is to show that you can afford to make the modified monthly payments. It lasts a minimum of three months.

If a trial period is required, we'll send you a Trial Period Plan Notice
explaining the terms and amount of your payments. It will be based on our estimate of what your monthly payments would be with a permanently modified loan.

Your trial period begins when you make your first trial period payment
. Payments can be made by mail or over the phone, at no additional charge.

Please note: Trial period payments can't be made at your local banking center.

You must make each trial period payment in a timely manner, in exactly the amount specified in the notice. If you pay more than that amount, it might be taken as an indication that you don't need assistance. If you pay less than your trial period payment amount, that could also create the need for further review.

If you're 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. We offer programs that provide a streamlined approval process and financial assistance to help you with relocation.

I've made all three payments during my trial period.

You should be approved for a permanent modification if:

•    You successfully complete your trial period
•    All borrowers on the loan sign and return the permanent modification agreement that will be sent to you
•    Your circumstances haven't changed

After you're approved, you'll receive a letter and Modification Agreement defining the changes to your home loan.  In some cases, it can take three or more months before you receive the letter and agreement. Meanwhile, you should continue making your trial period payments.

Bank of America Modification Programs Frequently Asked Questions

We offer a variety of modification options. These programs are designed to address a variety of circumstances, including underemployment and military service. When you contact us to discuss your situation, we'll first check to see if you're eligible for the federal government’s Home Affordable Modification Program. If you're 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.

Each program has its own method of modifying loans and its own criteria for which loans are eligible. The federal government and the investors or owners of the loans we service set their own guidelines and requirements for the programs. We're here to help you find potential solutions. When you contact us for home loan assistance, we'll review your eligibility for all available modification programs.

Yes. Staying current on your payments is the best way to maintain your credit. However, if you need to enter into a modification, your credit may be negatively affected. 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're behind on your payments when you start your trial period, your loan will be reported as “delinquent” until it has been permanently modified, even if you're making your trial period payments. A modification is intended to enable you to keep your home.

Credit scores Opens a new window are determined by the credit bureaus and not controlled directly by Bank of America. Our commitment is to accurately report the status of all our customers.

We don't charge fees for a modification. However, you may be responsible for administrative expenses that Bank of America pays to third parties, such as attorney fees and recording fees.

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.