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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.

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.