Home Loan Assistance Frequently Asked Questions

You may be eligible for the federal government’s Home Affordable Modification Program if:

• your loan is not currently owned by Fannie Mae or Freddie Mac or insured by FHA
• the amount you owe on your first mortgage is equal to or less than:
  
  • $729,750 for a single-family home
  • $934,200 for a 2-unit property
  • $1,129,250 for a 3-unit property
  • $1,403,400 for a 4-unit property
• you are experiencing a financial hardship, such as a job loss, divorce or medical illness
• your current mortgage was taken out before January 1, 2009

This program is managed through your lender; you will call them for an application. If Bank of America is your lender, call us. We will review your situation, confirm that you meet the requirements for this program and then send you a financial information packet.

If your loan is an FHA loan, you need to apply under the FHA Home Affordable Modification Program – which was developed specifically for homeowners with FHA loans.

No. If you are struggling now, or believe it will soon be difficult for you to make your mortgage payments on time (referred to as an "imminent default"), you may qualify under the Home Affordable Modification Program. As a homeowner, you may find yourself in this situation for a number of reasons. It may be caused by an increase in your mortgage payment, a reduction in your household income or some other hardship that makes it difficult to pay your mortgage. If you are experiencing any of these situations, you will need to document your income and expenses and provide evidence of your financial hardship.

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 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.

If you are in foreclosure proceedings, or your home has been scheduled for a foreclosure sale, contact us so we can discuss your available options. We want to help you keep your home.

You may also want to take advantage of HUD-approved housing counseling services.

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.

If you qualify for a Military Modification, your loan may receive some or all of the following changes:

• Principal Forgiveness: The outstanding principal balance may be reduced to equal no more than the current market value of the property.
• Interest Rate Reduction: The interest rate may be reduced either permanently or temporarily.
• Term Extension: The final due date of the loan may be extended and loan payments recalculated over this longer period of time.
• Forbearance: We may postpone repayment of a portion of your unpaid principal balance until the loan’s maturity, repayment or refinancing—or until there is a property sale or other transfer of title. The postponed amount will be interest-free.

Please note: Before you enter into a loan modification, you should consult a tax professional to understand any tax implications that may be associated with receiving a modification.

If your loan is not eligible for a Military Modification, you will receive a letter explaining the reason why your loan did not qualify. We will also automatically review your information for other foreclosure prevention options. If any additional information is needed to review your eligibility, you will receive a letter requesting this information.

Active duty military personnel are protected from the start or advancement of foreclosure proceedings while receiving benefits under the Servicemembers Civil Relief Act (SCRA).

If you are not protected under the SCRA:
We will not start or advance foreclosure proceedings while your loan is under review for a loan modification. The evaluation process begins when we receive all documents we have requested from you. No foreclosure sale will be conducted and you will not lose your home during the evaluation.

We do not charge fees for a modification. However, third party fees such as attorney fees, recording fees, etc. may apply and you will be responsible for payment.

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 are behind on your payments when you start your trial, your loan will be reported as “delinquent” until your loan has been permanently modified, even if you are making your trial payments. A modification is intended to enable you to keep your home.

Credit scores 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.

Customers who are past due are strongly encouraged to contact a Department of Housing and Urban Development (HUD) approved counselor to understand all of the available options and to create a workable budget. However, housing counseling is only required for borrowers whose total monthly debts are very high in relation to their incomes. It is voluntary for other applicants.

When you apply for a modification program, we will evaluate your monthly debts, including the amount you will owe on the new mortgage payment after it is modified, as well as payments on a second mortgage, car loans, credit cards, etc. If the sum of all of these recurring monthly expenses is equal to or more than 55% of your gross monthly income, you must agree to participate in housing counseling provided by a HUD-approved housing counselor as a condition of receiving a modification.

No. If you are struggling now, or believe it will soon be difficult for you to make your next mortgage payment on time due to a hardship (you may hear this referred to as "imminent default"), you may qualify under the FHA-HAMP Program. As a homeowner, you may find yourself in this situation because of a significant increase in your mortgage payment, a significant reduction in your household income, or some other hardship that makes it difficult to pay your mortgage. You will be required to document your income and expenses and provide evidence of the financial hardship.

In most cases, your initial interest rate and payment will be lowered, and the new amount will depend on your specific situation. The particular methods used to lower your payment will be specified in your modification agreement.

Yes. We will review your eligibility for all programs, including the Home Affordable Second Lien Modification Program.

If you have a Bank of America home equity line of credit or home equity loan, please contact us to discuss a short sale. If this is the right option for you, we will provide you with additional information and documents to initiate a short sale. In a short sale, the property is listed for sale at fair market value, even if that value is lower than what you owe on the mortgage. If a buyer is identified and the property is sold, the proceeds from the sale are applied towards the mortgage debt, even if the proceeds are less than the amount owed on the mortgage. In some cases, you may be responsible for any balance remaining after the sale.

It may be possible, depending on your loan and circumstances. Please call us at 1.866.880.1232 to discuss your options.

You can search for real estate professionals in your area who are experienced with Bank of America short sales.

Because you would sell your home for less than the loan amount in a short sale, you will not receive any money from the sale of your home. However, you may be eligible to receive $3,000–$30,000¹ in relocation assistance under the terms of the HAFA Short Sale Agreement. If you are not the primary resident of your property, you may request that the tenant receive the $3,000 in HAFA relocation assistance. Any additional amount above $3,000 may be paid to you.

You may be eligible for the Cooperative Short Sale program. This provides another alternative to foreclosure and may allow you to continue to market the house for sale. To learn more, please call us at 1.866.880.1232.

If you decide not to continue to market the house, you may still settle your mortgage debt by signing over your house to us in a Home Affordable Foreclosure Alternatives deed in lieu of foreclosure.

There are benefits to doing a Home Affordable Foreclosure Alternatives deed in lieu over a foreclosure. A Home Affordable Foreclosure Alternatives deed in lieu of foreclosure spares you from having to go through the public auction or sale of your home. This generally takes less time to complete than a foreclosure, so your reported delinquency could be shorter than it would with a foreclosure. As a result, your credit will likely improve faster than it would if your house goes to foreclosure.

If you sign your house over to us in a Home Affordable Foreclosure Alternatives deed in lieu of foreclosure, you may be eligible to receive up to $3,000 to help you with moving, rental and relocation expenses.

There are thousands of non-profit groups and government agencies across the country ready to assist you with everything from finding rental housing or employment assistance, to saving money and more. Because these organizations are focused on the unique needs of your community, the resources you find are better able to help with your circumstances and challenges.

Search for resources near you

A loan can be transferred to a different servicer while in the process of a short sale. You may hear this referred to as a service release. A loan servicer sends your loan statements, collects your monthly payments (principal, interest, taxes and insurance) and handles other aspects of your loan. You will be notified at least 15 calendar days in advance if your loan is going to be transferred. Your new servicer will be aware of your short sale status and should have received all of your documents from us. You should continue to work with the new servicer to complete the process you have started or to determine which programs may be most helpful in your current situation.

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.

It may be possible, depending on your loan and circumstances. Please call us to discuss your options.

You may search a list of real estate agents in your area to find one who has successfully completed short sales with us in the past, or you may decide to hire another agent.

Because you would sell your house for less than the loan amount in a short sale, you will not receive any money from the sale of your house. However, you may be eligible to receive $2,500–$30,000¹ in relocation assistance under the terms of the Cooperative Short Sale program.

You may request an extension that would allow you to continue to market the house for sale. If you decide not to extend the agreement, you may still settle your mortgage debt by signing over your house to us in a deed in lieu of foreclosure.

There are benefits to doing a deed in lieu of foreclosure over a foreclosure. This spares you from having to go through the public auction of your house. The process generally takes less time to complete than a foreclosure, so your reported delinquency could be shorter than it would with a foreclosure. As a result, your credit will likely improve faster than it would if your house goes to foreclosure.

There are thousands of non-profit groups and government agencies across the country ready to assist you with everything from finding rental housing or employment assistance, to saving money and more. Because these organizations are focused on the unique needs of your community, the resources you find are better able to help with your circumstances and challenges.

Search for resources near you

You can contact your assigned Customer Relationship Manager to discuss any concerns that you have regarding your short sale.

A loan can be transferred to a different servicer while in the process of a short sale. You may hear this referred to as a service release. A loan servicer sends your loan statements, collects your monthly payments (principal, interest, taxes and insurance) and handles other aspects of your loan. You will be notified at least 15 calendar days in advance if your loan is going to be transferred. Your new servicer will be aware of your short sale status and should have received all of your documents from us. You should continue to work with the new servicer to complete the process you have started or to determine which programs may be most helpful in your current situation.

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.

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.

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.

The Hardest Hit Fund is made up of funds allocated by the federal government to specific states hardest hit by the recent economic downturn and is intended to help homeowners faced with financial hardship.

If you have not yet completed a short sale or deed in lieu, you may still be eligible for one of the Hardest Hit Fund programs.

Please choose your state to determine if it is currently part of the Hardest Hit Fund program. If so, visit your state’s Hardest Hit Fund website as soon as possible for more information on how to apply.

If you live in Arizona, California, Nevada, Ohio or Rhode Island and are interested in the Hardest Hit Fund Principal Reduction Program, you will need to apply for a Home Affordable Modification apply for a Home Affordable Modification. Please call us at 1.800.846.2222 to discuss your options.

Due to limitations in federal funding, new states are not likely to participate in the Hardest Hit Fund. If your state is not currently part of the Hardest Hit Fund program, it is unlikely to be approved for this program in the future. Choose your state to find out if it is currently part of the Hardest Hit Fund program.

If you are eligible, the financial information packet that you receive as part of your modification application will include a Third-Party Authorization that must be filled out and returned to us. We will then be able to review your eligibility for the Hardest Hit Fund Principal Reduction Program.

If you did not receive a Third-Party Authorization and live in a participating state, please call us and speak with a specialist.

If you are unemployed and call us to apply for a home loan modification, we may speak with you about the Hardest Hit Fund Unemployment Program, if your state offers it. In that situation, you may need to decide which type of assistance you wish to pursue because you may only take advantage of one program at one time.

Yes. When you call our specialists, be sure to ask the representative to evaluate both your first mortgage and your home equity loan or home equity line of credit. They will go over your financial information with you and compare it to all available loan assistance solutions. If you qualify, they can help you modify both your first mortgage and your home equity account.

Yes, you can. If you qualify, we will help you modify the home equity loan or home equity line of credit that you have with us. If you are having a financial hardship, we also recommend that you contact your first mortgage lender about modifying or refinancing that loan as well.

Yes, but only through one of our own Bank of America programs. In order to modify your home equity loan or home equity line of credit through the government’s Home Affordable Second Lien Modification Program (2MP), you must first complete a modification of your first mortgage under the government’s Home Affordable Modification Program (HAMP).

Staying current on your payments is the best way to maintain your credit score. However, if you need to enter into a modification, your credit score may be negatively impacted. Credit scores are determined by the credit bureaus and not controlled directly by Bank of America beyond our commitment to accurately report the status of all our customers.

If you have a Bank of America home equity line of credit or home equity loan, please contact us to discuss a short sale. If this is the right option for you, we will provide you with additional information and documents to initiate a short sale. In a short sale, the property is listed for sale at fair market value, even if that value is lower than what you owe on the mortgage. If a buyer is identified and the property is sold, the proceeds from the sale are applied towards the mortgage debt, even if the proceeds are less than the amount owed on the mortgage. In some cases, you may be responsible for any balance remaining after the sale.

Please call us to discuss your options. Together, we will review your loan according to FHA guidelines to determine if you are eligible for a short sale. In most situations, you must be reviewed for a loan modification or other FHA home retention options before you can be eligible for a short sale. Once we have FHA approval to pursue a short sale, we will determine the minimum sale price and work with a real estate agent of your choice to market and sell the property.

You may still be eligible, depending on your loan and circumstances. Please call us to discuss your options.

Once you have the FHA’s approval to start a short sale and you have signed the Short Sale Agreement, the foreclosure process is halted while you are pursuing the sale.

The property must generally be owner occupied. You may be allowed to proceed with a short sale if you had to move out because of the adverse financial circumstances (typically caused by job loss, transfer, divorce or a death) that prevented you from making your mortgage payments.  In addition, your property must not have been purchased as a rental investment or used as a rental unit for more than 18 months.

You may search a list of real estate agents who have successfully completed short sales with us in the past, or you may decide to work with another agent.

If you are unable to sell your house within 120 days, you may be eligible for a deed in lieu of foreclosure.

There are benefits to a deed in lieu over a foreclosure. A deed in lieu spares you from having to go through the public auction of your house. The deed in lieu process generally takes less time to complete than a foreclosure, so your reported delinquency could be shorter. As a result, your credit may improve faster than it would if your house goes to foreclosure.

No. A short sale means that you are selling your property for less than the loan amount, so there cannot be money left over for you. However, you may qualify to receive up to $1,000 in relocation assistance.

A loan can be transferred to a different servicer while in the process of a short sale. You may hear this referred to as a service release. A loan servicer sends your loan statements, collects your monthly payments (principal, interest, taxes and insurance) and handles other aspects of your loan. You will be notified at least 15 calendar days in advance if your loan is going to be transferred. Your new servicer will be aware of your short sale status and should have received all of your documents from us. You should continue to work with the new servicer to complete the process you have started or to determine which programs may be most helpful in your current situation.

Yes, one of our reverse mortgage specialists will be happy to help you determine whether we can create a property charges set-aside for you. This will set aside one-twelfth of your estimated annual costs for taxes and insurance from the mortgage funds you receive each month. This money would then be used to pay your property tax and insurance bills automatically.

To see if you qualify for a property charges set-aside or to set one up, you simply need to call one of our reverse mortgage specialists at 1.866.863.5224.

If you have withdrawn the maximum amount allowed on your reverse mortgage, you would have to return a portion of those funds in order for us to create a property charges set-aside account. If you do not have funds available but your home value has increased, refinancing your reverse mortgage may be a way to finance the set-aside.

The short answer is “yes.” But before you consider a short sale, there are many other options to explore, such as refinancing or modifying your home loan payments that could allow you to stay in your home with more affordable mortgage payments. Call one of our short sale specialists to help determine other options for which you may qualify. They will work with you to help determine your best course of action.

Yes. Depending on your circumstances, it is possible to do a short sale all the way up until the day of foreclosure.

Because of the number of people and amount of paperwork involved in a short sale, it can take longer than a traditional home sale. Typically it takes 45 to 90 calendar days after the initial offer is accepted to finalize, although timelines can vary based upon current market conditions and your particular circumstances.

No. Because Bank of America and other parties are receiving less than the total amount owed to pay off your property, all the proceeds of the sale go to satisfying that debt.

You may search a list of real estate agents in your area to find one who has successfully completed short sales with us in the past, or you may decide to hire another agent.

A loan can be transferred to a different servicer while in the process of a short sale. You may hear this referred to as a service release. A loan servicer sends your loan statements, collects your monthly payments (principal, interest, taxes and insurance) and handles other aspects of your loan. You will be notified at least 15 calendar days in advance if your loan is going to be transferred. Your new servicer will be aware of your short sale status and should have received all of your documents from us. You should continue to work with the new servicer to complete the process you have started or to determine which programs may be most helpful in your current situation.

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.

No. You can work directly with us to process your deed in lieu of foreclosure.

No. A deed in lieu must be processed with the lender that holds your mortgage or the company to which you make your monthly payments.

If you have a second lien on your house (also known as a home equity loan or a home equity line of credit), you need the lender’s approval to proceed with a deed in lieu. In order to be approved for a deed in lieu, the title to the property must be clear. If your second lien is with Bank of America, we will complete your Second Lien Release form and work to get approval for your deed in lieu request. If your second lien is with another lender, you will need to contact them and request a Second Lien Release form. The lender needs to provide this form, sign it to indicate that they approve of the offer, and send it to you.

The length of time depends on your loan and circumstances. It generally takes around 90 days from the date we receive your financial documents. Once approved, you will be given 14 to 30 calendar days to relocate.

If you have already explored all options to stay in your house, then normal processing of your loan will continue and may include foreclosure. If you have questions about your options, please contact us for assistance.

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.

Yes, there are alternatives to foreclosure. A short sale or a deed in lieu may both be better alternatives to a foreclosure. Contact a specialist right away to explore all your options.

Yes. If you apply for a home loan modification and provide all required documents to us in a timely manner, your loan will not go to foreclosure sale while we are processing your request. When you enter a trial plan under the program, all foreclosure proceedings halt so long as you are complying with the terms of your Trial Period Plan.

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.

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.

Depending on your loan status, there may be fees associated with your mortgage. For example, there are charges for certain payment options, late payments and returned checks. You can see these on our list of mortgage servicing fees. If you are not able to make your mortgage payments, you may incur charges related to nonpayment of your loan. You can see these on our list of default related service fees.

Your mortgage account may be charged for costs associated with nonpayment. Learn more about specific charges by viewing default related service 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.

Yes, you will be sent a letter at least 15 calendar days in advance of the change, with information about your new servicer. It will explain that monthly statements and other account information will come from the new servicer and that they will help you with any questions about your loan, including any loan assistance solutions. The new servicer will also send a welcome letter introducing themselves to you.

We expect that the quality of your loan service will not change. Your loan will be transferred to an experienced mortgage servicer who will work with you on your mortgage concerns.

The loan assistance programs that may be offered by your new servicer are determined by the owner (also known as the investor) or insurer of your loan. The servicer of your loan is required to evaluate any loan assistance request under the guidelines set forth by the owner or insurer of your loan. If you experience a hardship and struggle with making your home loan payments after the servicing of your loan has been transferred, please contact your new servicer right away to request help. Your new servicer will determine which program may be right for you based on the applicable investor or insurer guidelines.

If you are being considered for a loan modification or other foreclosure avoidance programs when your loan is transferred, your new servicer will be aware of your status and should receive all of your documents from us. You should work with your new servicer to complete the process you have started or determine which programs may best suit your current situation. If you are currently awaiting a decision regarding qualification for these programs, that decision will now be made by your new servicer.

After the transfer is complete, your mortgage account will be moved to the new servicer. As a result, you would no longer access your mortgage information through Bank of America. Prior to the transfer, you may choose to download any information currently online to keep for your own records, such as tax documents, mortgage statements, payment history, etc. The new servicer will be able to provide you with information about access to your loan account information following the transfer. If you have any other accounts with Bank of America, such as checking, savings or credit card, you will still be able to access those accounts through Bank of America’s online banking.