FAQs

Home Loan Assistance Frequently Asked Questions

There are two types of home loan payment forbearance programs – coronavirus-related and more traditional forbearance to help with temporary hardships due to natural disaster, medical illness, divorce, death of a co-borrower, etc.

Continue to learn important information about coronavirus payment forbearance.

There are two types of home loan payment forbearance programs – coronavirus-related and more traditional forbearance to help with temporary hardships due to natural disaster, medical illness, divorce, death of a co-borrower, etc.

Continue to learn important information about home loan payment forbearance for hardships not related to the coronavirus.

  • For Bill Pay or transfers through a Bank of America checking or savings account, use Online Banking or the mobile app to cancel those payments. Otherwise, they will continue to be processed.
  • For auto draft or bill pay from any other financial institution or bill pay service, you will need to contact that provider to cancel payments. Otherwise, they will continue to be processed.
  • If the loan is currently enrolled in a Bank of America automated pay plan, We won't debit any postponed payments.

If property taxes and insurance are paid directly, keep making those payments when they're due.

  • If either your taxes or insurance are not paid on time, we'll make those payments. Then, we'll create an escrow account for these payments going forward. If this happens, we'll notify you of any changes and on repayment options.
If the home loan has an escrow account for property taxes and/or insurance, we'll continue to pay those bills.
  • If the annual analysis for the account occurs during the time we've postponed payments, we’ll send a notice about the payment changes. After the payment assistance period, we'll provide options to repay any escrow shortage that may have resulted. To make any deposits to the escrow account during the payment assistance period, please contact us.

Payments can be made at any time. You can also contact your Customer Relationship Manager to discuss your options.

We won't report the account as delinquent while it is on a forbearance plan, although some programs require us to identify the account as being in a forbearance plan.

General questions can also be answered in our Mobile Banking app by asking our virtual assistant, Erica.

By accepting a payment forbearance, you are representing that you are experiencing financial hardship due to the coronavirus. As a result, you may not be eligible for new credit obligations with Bank of America during the assistance period.

If additional payment assistance is not needed, please be prepared for the resumption of regular payments:

  • If payments were previously set up through the Bank of America Home Loan automated pay plan, please contact us to restart those payments.
  • If the payments were made through a bill pay or other service, payments will need to be restarted through that service.

If you’re unable to repay the postponed payments, there may be other options available. Please call us at 800.669.6650 to discuss repayment and/or modification options.

Forbearance is granted for a set period of time. But in many cases, dependency on an outside third-party, like an insurance company or getting hired after a period of unemployment is needed to help resolve the hardship. We also may be able to extend the forbearance period to accommodate your situation. All additional missed payments and interest will be added to the total amount that will need to be repaid. The exact repayment solution will depend on the owner or investor of the loan and your specific circumstances at the time, but please know we'll work with you.

If the first mortgage is with us, it may be possible to receive forbearance on the first mortgage, even if there is a second mortgage—with us or another lender.

If you don’t know if a loan is a VA-insured loan, please call us. If you don't have a VA-insured loan, other options may be available.

No. If you're struggling now or believe it will soon be difficult for you to make the next mortgage payment on time due to a financial hardship (you may hear this referred to as "imminent default"), you may qualify for a loan modification.

We offer a variety of modification options. These programs are designed to address different circumstances, such as under employment and whether your hardship is temporary or permanent. The best way to understand your options is to contact us.

Yes, if you enter into a modification, the loan will be reported as “paying under a partial payment plan” during the trial period, and as “modified” upon execution of the modification agreement. In addition, if you're behind on your payments when you start your trial period, the loan will be reported as “delinquent” until it has been permanently modified, even if you're making the trial period payments. The goal for a modification is to help you to keep your home.

Please note: 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' loans.

If you don’t know if a loan is owned by Fannie Mae or Freddie Mac, please call us. If you don't have a Fannie Mae- or Freddie Mac-owned loan, other options may be available.

No. If you're struggling now or believe it will soon be difficult for you to make your next mortgage payment on time due to a financial hardship (you may hear this referred to as "imminent default"), you may qualify for a loan modification.

We offer a variety of modification options. These programs are designed to address different circumstances, such as underemployment and whether your hardship is temporary or permanent. The best way to understand your options is to contact us.

Yes, if you enter into a modification, the loan will be reported as “paying under a partial payment plan” during the trial period, and as “modified” upon execution of the modification agreement. In addition, if you're behind on your payments when you start your trial period, the loan will be reported as “delinquent” until it has been permanently modified, even if you're making your trial period payments. The goal for a modification is to help you to keep your home.

Please note: 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' loans.

If you don’t know if a loan is FHA-insured, please call us. If you don't have an FHA-insured loan, other options may be available.

No. If you're struggling now or believe it will soon be difficult for you to make the next mortgage payment on time due to a financial hardship (you may hear this referred to as "imminent default"), you may qualify for an FHA modification.

We offer a variety of modification options. These programs are designed to address different circumstances, such as underemployment and whether your hardship is temporary or permanent. The best way to understand your options is to contact us.

Yes, if you enter into a modification, the loan will be reported as “paying under a partial payment plan” during the trial period, and as “modified” upon execution of the modification agreement. In addition, if you're behind on payments when you start the trial period, the loan will be reported as “delinquent” until it has been permanently modified, even if you're making the trial period payments. The goal for a modification is to help you to keep your home.

Please note: 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' loans.

If you don’t know if a loan is a USDA-insured loan, please call us. If you don't have a USDA-insured loan, other options may be available.

No. If you're struggling now or believe it will soon be difficult for you to make the next mortgage payment on time due to a financial hardship (you may hear this referred to as "imminent default"), you may qualify for a loan modification of a USDA-insured loan.

We offer a variety of modification options. These programs are designed to address different circumstances, such as underemployment and whether your hardship is temporary or permanent. The best way to understand your options is to contact us.

Yes, if you enter into a modification, the loan will be reported as “paying under a partial payment plan” during the trial period, and as “modified” upon execution of the modification agreement. In addition, if you're behind on your payments when you start your trial period, the loan will be reported as “delinquent” until it has been permanently modified, even if you're making the trial period payments. The goal for a modification is to help you to keep your home.

Please note: 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' loans.

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 any other modification program. If you're not eligible for another 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.

Yes, if you enter into a modification, the loan will be reported as “paying under a partial payment plan” during the trial period, and as “modified” upon execution of the modification agreement. In addition, if you're behind on payments when you start your trial period, the loan will be reported as “delinquent” until it has been permanently modified, even if you're making the trial period payments. The goal for a modification is to help you to keep your home.

Please note: 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.

Yes. When you call, be sure to ask us to evaluate both the first mortgage and the home equity loan or home equity line of credit. Your Customer Relationship Manager will go over your financial information with you and compare it to all available loan assistance solutions. If you qualify, we can help you modify both.

Yes, if you qualify, we'll help you modify the home equity loan or home equity line of credit that you have with us. If you're facing a financial hardship, we also recommend that you contact your first mortgage servicer about modifying or refinancing that loan.

Yes, if you qualify, we'll help you modify the home equity loan or home equity line of credit that you have with us.

Yes, once a modification is complete, the loan will be reported as "paying under a partial payment plan" during the trial period, and as "modified" upon execution of the modification agreement. In addition, if payments are behind when the trial period starts, the loan will continue to be reported as delinquent until it has been permanently modified, even if trial period payments are being made. A modification is intended to enable you to keep your home.

Please note: 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.

Please call us to discuss your options. Together, we'll 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'll determine the minimum sale price and work with a real estate agent of your choice to sell the house.

You may still be eligible, depending on your loan and circumstances. Please call us to discuss your options. 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 you have submitted all of the required documents, have a valid offer on the property, and signed and returned FHA's Approval to Participate, the foreclosure process may be halted while you are pursuing the sale, subject to applicable law.

The property must generally be owner occupied, meaning you live in the house as your primary residence. 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. Please call us to discuss your options.

If you're unable to sell your house within the time allowed, you may be eligible for a deed in lieu of foreclosure.

There are benefits to a deed in lieu over a foreclosure. A completed deed in lieu of foreclosure keeps you from having to go through the public sale or 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 and your credit may improve faster.

Because you would sell your house for less than the loan amount in a short sale, you won't receive any money from the sale of your house. However, you may be eligible to receive up to $3,0001 in relocation assistance under the terms of the FHA short sale program.

If a short sale is completed on your property, we'll report that your loan was "paid in full for less than the full balance." You may consider consulting a credit expert or searching online for more information. To learn more about the potential effect of a short sale on your credit, please visit the Federal Trade Commission website.

You should contact a tax professional to gain an understanding of any tax implications.

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 the FHA doesn't approve your request for an FHA Short Sale and you can't maintain ownership through an FHA loan modification, you may be eligible for a deed in lieu. Otherwise, normal servicing of your loan will continue and may include foreclosure, subject to applicable law.

A Cooperative Short Sale is a program offered exclusively by Bank of America to gain approval to sell your home through a short sale, and determine an acceptable price before you put your house on the market. This program may help you avoid foreclosure if you owe more on your mortgage than your house is worth. It also may offer relocation assistance to help with moving expenses.

Please call us to discuss your options. In most situations, you must be reviewed for a loan modification or other options before we can proceed with any requests to pursue a short sale. If you don't meet the eligibility requirements for the Cooperative Short Sale program, you may still be eligible to sell your house through a traditional short sale.

If you're unable to sell your house through a short sale, your next option may be a deed in lieu of foreclosure. This option allows you to transfer the title or ownership of the property to the owner of your home loan in order to satisfy your mortgage debt and avoid foreclosure.

Please contact us to review your options.

It may be possible, depending on your loan and circumstances. Please call us and we can evaluate you for other programs, including a loan modification, which may help you stay in your home.

Because you would sell your house for less than the loan amount in a short sale, you won't receive any money from the sale of your house. However, you may be eligible to receive up to $3,0001 in relocation assistance under the terms of the Cooperative Short Sale program.

You may request an extension that would allow you to continue to try to sell the house. If the agreement isn't extended, you may still be able to settle your mortgage debt by signing over your house to us through a deed in lieu of foreclosure.

There are benefits to doing a deed in lieu of foreclosure over a foreclosure. A completed deed in lieu of foreclosure keeps you from having to go through the public sale or 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 and your credit may improve faster.

If a short sale is completed on your property, we'll report that your loan was "paid in full for less than the full balance." You may consider consulting a credit expert or searching online for more information. To learn more about the potential effect of a short sale on your credit, please visit the Federal Trade Commission website.

You should contact a tax professional to gain an understanding of any tax implications.

In most situations, you must be reviewed for a loan modification or other options before we can proceed with any requests to pursue a short sale. If you've already been evaluated for a loan modification or other home retention option and didn't qualify, you may be able to follow the traditional short sale process. Please call us to discuss your options.

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'll be notified at least 15 calendar days in advance if your loan is going to be transferred to a new servicer. 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've started or to determine which programs may be most helpful in your current situation.

Please call us to discuss your options before you put your house on the market. We can evaluate you for other programs, including a loan modification, which may help you keep your home. Call one of our specialists to help determine other options for which you may qualify. They'll work with you to help you determine your best course of action.

Depending on your loan and circumstances, it may be possible. Please call us to discuss your options and we can evaluate you for other programs you may be eligible for.

No. However, qualified homeowners may be eligible for relocation assistance1 through the Cooperative Short Sale program. In this program, homeowners work with us prior to putting the property on the market.

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 up to 90 calendar days after the initial offer is received to finalize, although timelines can vary based upon current market conditions and your particular circumstances. In most situations, you must be reviewed for a loan modification or other options before you can be eligible for a short sale. Please call us to discuss your options.

If a short sale is completed on your property, we'll report that your loan was "paid in full for less than the full balance." Learn more about the potential effect of a short sale on your credit.

You should contact a tax professional to gain an understanding of any tax implications.

If we're unable to get approvals from all the necessary parties, a deed in lieu of foreclosure may be available to you. With a deed in lieu of foreclosure, you agree to transfer the title or ownership of your property to the owner or servicer of your loan in order to avoid foreclosure sale and satisfy all or a portion of the mortgage debt. The amount of debt satisfied by this transfer of ownership is based on the approved value of your home. In some cases, you may be responsible for a remaining balance of the mortgage debt over and above the approved value. A deed in lieu generally takes less time to complete than a foreclosure, so your reported delinquency could be shorter and your credit may improve faster.

You should contact a tax professional to gain an understanding of any tax implications.

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'll 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've started or to determine which programs may be most helpful in your current situation.

No. You can work directly with us to process your request.

No. A deed in lieu must be processed with the lender that holds the mortgage or the company to which you make 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 a second lien is with Bank of America, we will complete a Second-Lien Release and work to get approval for the deed in lieu request. If a second lien is with another lender, you will need to contact them and request a Second-Lien Release. The lender needs to provide this form and send it to you.

The length of time depends on the loan and circumstances. It generally takes around 90 calendar days from the date we receive your financial documents. Once approved, you will be given 14 to 30 calendar days to relocate. Please call us to discuss your options. In most situations, you must be reviewed for a loan modification or short sale programs before you are eligible for a deed in lieu.

If you've already explored all options to keep the property, normal processing of your loan will continue and may include foreclosure, subject to applicable law. If you have questions about your options, please contact us for assistance.

Although a deed in lieu may have a negative effect on your credit, by completing this transaction you'll avoid a public sale or auction of your house and can begin rebuilding your credit sooner.

We will continue to report the actual status of your account to all credit reporting agencies in accordance with the Fair Credit Reporting Act (FCRA). Upon completion of your transaction, we will report the account as "deed received in lieu of foreclosure on a defaulted mortgage" if you complete a deed in lieu of foreclosure.

Learn more about the potential impact of a deed in lieu on your credit.

Yes, there are alternatives to foreclosure, including short sale and deed in lieu that may allow you to settle the mortgage debt. Please contact us right away to explore options that may be available to you.

Yes. We may not start or advance foreclosure proceedings while the loan is under review for loan assistance. The evaluation process for loan assistance begins when we receive all documents we've requested.

Depending on your loan status, there may be fees associated with a 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. There may be additional charges if mortgage payments are not made. You can see these on our list of default related service fees.

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

Please mail all notices of error or requests for information to:
    Bank of America
    Attn: Notice of Error & Request for Information
    P.O. Box 942019
    Simi Valley, CA 93094-2019

It's a written notice from you that details error(s) you believe have been made relating to the servicing of a loan. Your notice must include:

  • Your name
  • The loan number and/or property address
  • Details about the error(s) you believe have taken place

Only errors related to the servicing of a home loan are covered through this process.

A request for information applies generally to any written request from you for information about the servicing of a mortgage. Please make sure your request includes:

  • Your name
  • The loan number and/or property address
  • Details about the specific type of information you are requesting from us about the mortgage

No, a notice on a payment coupon or any other payment form isn't considered a notice of error or request for information.

If you have a question or concern about a payment, please call us at 800.669.6607 (Monday-Friday 7 a.m.- 10 p.m. Eastern).

Within 5 business days from when we receive your request, we'll mail you a letter to let you know that we've received your request.

Then, within 30 business days after we receive your request, we'll mail you a letter providing details on the outcome of our investigation. If we agree that an error has occurred, we'll correct the error and include this in our response.

Please note that if the error relates to providing an accurate payoff balance, we'll respond within 7 business days.

If we determine that an error has occurred, we'll mail you a letter explaining:

  • The correction that was made
  • The date when the correction was made
  • Information about how you can contact us if you need further assistance

If we discover that no error took place, we'll mail you a letter explaining:
  • That no error happened
  • The reason(s) for that determination
  • Details about your right to ask for the documents we reviewed to determine that no error took place and how to submit that request
  • Information about how you can contact us if you need further assistance

Please note that if we determine that additional time may be required to properly research your request, we may extend the review period by 15 business days. If this extra time is needed, we'll mail you a letter before the end of the 30 business-day review period to let you know, and we'll explain the reasons why the extended review is needed.

Within 5 business days from when we receive your request for information, we'll provide you a letter letting you know that we received your request.

Then, within 30 business days after we receive your written request, we'll:

  • Either provide the information requested
  • Or conduct a reasonable search for the information and provide you with a written notice that the information isn't available

If the information you requested isn't available, we'll mail you a letter with details about how you can contact us if you need further assistance.

Please note that if we determine that additional time may be required, we may extend the response period by 15 business days. If this extra time is needed, we'll mail you a letter before the end of the 30 business-day research period to let you know, and we'll explain the reasons why the additional days are needed.

We'll be happy to continue to service the account through email, phone and our banking centers. However, we encourage you to submit any notices of error or requests for information to us in writing at the P.O. Box above to make sure that you receive all the protections under the Real Estate Settlement Procedures Act (RESPA).

No, we do not charge a fee for responding to notices of error or requests for information.

In the mortgage lending industry, it is a common practice to transfer or sell the loan servicing to other experienced mortgage service providers. After a loan is transferred, the new servicer takes care of all loan servicing needs including billing, payment processing and customer support.

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 the 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. The loan will be transferred to an experienced mortgage servicer who will work with you on any 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 the loan. The servicer of the loan is required to evaluate any loan assistance request under the guidelines set forth by the owner or insurer of the loan. If you experience a hardship and home loan payments are not made after the servicing of the 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 programs when the 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, the 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. Please note that if a loan is subject to a bankruptcy case, the mortgage information will not be available online.

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Help is available in English, Spanish, and many other languages.

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Help is available in English, Spanish, and many other languages.

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Help is available in English, Spanish, and many other languages.

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Help is available in English, Spanish, and many other languages.

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800.669.6650

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Help is available in English, Spanish, and many other languages.

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800.669.6650

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Help is available in English, Spanish, and many other languages.

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800.669.6650

800.669.6650 Monday through Friday
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Help is available in English, Spanish, and many other languages.

You are invited to apply. Your receipt of this material does not mean you have been prequalified or pre-approved for any product or service we offer. This is not a commitment to lend; you must submit additional information for review and approval.

1 If you are refinancing to lower your monthly payment or change from a variable rate to a fixed-rate loan, you should carefully consider the potential increase in the total number of monthly payments and/or the total interest charges paid over the full term of the new refinance loan – especially for borrowers who currently have loans with terms less than 30 years.

2 Not available on purchase loans. Some borrowers may find it beneficial not to pay their closing costs at closing, but instead, add those costs into the loan balance. Financing closing costs into the loan balance will result in the payment of more interest over time in comparison to paying closing costs at closing. Underwriting guidelines may limit the amount of closing costs which may be financed. Other restrictions apply. Ask for details.

Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

1 The relocation assistance payment is calculated based on the appraised value of your property and the program rules. The total amount will be no more than $3,000, if you qualify.The payment will be delivered after the closing if you comply with all terms and conditions of the program, which include but are not limited to the following: a valuation of the property must be completed and you must satisfy all subordinate liens and provide clear title for the property. 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 you do not comply with all terms and conditions of the program, 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 you contact the IRS or your tax preparer to determine if you have any tax liability. In order to receive the relocation assistance, the sale of the property must close by the closing date in the short sale agreement. Bank of America reserves the right to change or alter the relocation assistance at any time.

1 The relocation assistance payment is calculated based on the appraised value of your property and the program rules. The total amount will be no more than $3,000, if you qualify.The payment will be delivered after the closing if you comply with all terms and conditions of the program, which include but are not limited to the following: a valuation of the property must be completed and you must satisfy all subordinate liens and provide clear title for the property. 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 you do not comply with all terms and conditions of the program, 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 you contact the IRS or your tax preparer to determine if you have any tax liability. In order to receive the relocation assistance, the sale of the property must close by the closing date in the short sale agreement. Bank of America reserves the right to change or alter the relocation assistance at any time.

1 The relocation assistance payment is calculated based on the appraised value of your property and the program rules. The total amount will be no more than $3,000, if you qualify.The payment will be delivered after the closing if you comply with all terms and conditions of the program, which include but are not limited to the following: a valuation of the property must be completed and you must satisfy all subordinate liens and provide clear title for the property. 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 you do not comply with all terms and conditions of the program, 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 you contact the IRS or your tax preparer to determine if you have any tax liability. In order to receive the relocation assistance, the sale of the property must close by the closing date in the short sale agreement. Bank of America reserves the right to change or alter the relocation assistance at any time.