Is forbearance right for me?
The goal of mortgage loan forbearance is to help you get your home loan payments reduced or suspended (typically for up to 90 days) if you are suffering from a temporary financial hardship.
To qualify for forbearance, you must have a temporary financial hardship, such as loss of income due to a medical condition, natural disaster or unemployment.
It is important to understand that for a mortgage forbearance to take place, the circumstances you are experiencing must have an end in sight. For example, if you are unable to live in your home because of a flood and you are waiting for an insurance payment to cover the costs of additional living expenses, like staying in a hotel, that is a situation where forbearance may be considered.
If you do receive forbearance assistance, when your situation improves, you will be required to repay the past due amount from the unpaid months of your monthly housing payment (principal, interest, taxes and insurance).
If you are currently unemployed, you may still be eligible for forbearance as part of the federal government's Home Affordable Unemployment Program.
Program at a glance
Call us, update us on your current financial situation and submit a Hardship Affidavit. We will begin to review your information and check your eligibility.
If approved, we will send you a letter outlining the terms of repayment. If you agree to the terms, sign and return a copy of the letter.
After your situation has improved, you will be required to repay the past due amount from the unpaid months of your monthly housing payment (principal, interest, taxes and insurance).
Get more details on the steps of the forbearance process.
How do I get started with forbearance?
If you think forbearance may be right for you, contact one of our specialists today.
Collect your financial information
To determine if you are eligible for forbearance, you will be asked for some financial information. So before you call, it is important to have the following ready:
your loan number
the monthly pre-tax income of each borrower on the loan
a description of your hardship
unemployment benefits information (if applicable)
amount of homeowner’s association dues, if applicable
Let us help you
Call us today at:
8am-12am ET Mon-Fri
8am-8pm ET Sat
3pm-12am ET Sun
To help you keep track of important deadlines and take notes during the call, please print out this form prior to calling.
Now that I am in the process, what is next?
If you are already in the process of applying for forbearance, we can help you understand what you need to do next.
I have called and submitted my financial information.
Once you have called us, we will begin to review your information and check your eligibility. Based on the circumstances of your temporary hardship and your payment history, you may be given forbearance.
It is important to remember that for a forbearance to take place, the circumstances you are experiencing must have an end in sight—your hardship must be temporary. An example of this would be loss of income due to a medical condition, natural disaster or unemployment.
I have been approved to receive forbearance.
After you are approved, your Customer Relationship Manager will send you a letter outlining the terms of your forbearance. These may include conditions such as:
suspension of all your mortgage payments for a set period
a temporary reduction of the amount you need to pay
However the solution is structured, you will eventually need to repay any difference between your forbearance payment and your normal payment. Your offer letter will specify one of the following methods for repayment that will apply at the end of the forbearance period:
increasing the amount of your monthly mortgage payments until the past due amount is repaid
making a one-time payment of the full past due amount
adding the full past due amount to the back-end of your mortgage, extending the length of your mortgage until the entire balance is paid off
If you choose to agree to the terms, you will be required to sign and return a copy of the offer letter.
My financial situation has improved.
After your situation has improved, your monthly home loan payments will be based on the terms of your forbearance offer. By following these terms, you will be able to repay the past due amount.
Home Loan Assistance Frequently Asked Questions
Forbearance is granted for a set period of time. But in many cases where resolving your hardship is dependent on an outside third-party, like an insurance company or getting hired after a period of unemployment, we may be able to extend the forbearance period to accommodate your situation. The additional missed payments and interest will be added to the total amount you will need to repay.
You may still be eligible to receive forbearance if both your first and second mortgages are with us. If you have your second mortgage with another lender, we may not be able to grant forbearance on your first mortgage unless that lender also agrees to a forbearance on the second mortgage payments as well.
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.