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Home Affordable Modification

Federal government home loan modification program. If you have suffered a hardship that is affecting your ability to make your mortgage payments, you may be able to receive a more affordable mortgage payment under the Home Affordable Modification Program.

Is a Home Affordable Modification right for me?

Program goal

Home Affordable Modification is one of the federal government’s Making Home Affordable programs. The government’s goal for modifying your loan is to help you get a more affordable and sustainable monthly mortgage payment.

Eligibility

You may be eligible to modify your home loan under the Home Affordable Modification Program (HAMP), if:

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're experiencing a financial hardship, such as reduced income or medical expenses

Your current mortgage was taken out before January 1, 2009

Is your loan an FHA loan? If so, try modifying your loan under the federal government’s FHA Home Affordable Modification Program.

If you're not eligible for a Home Affordable Modification, other modification options may be available.

If we can't find a modification option that works with your budget, you may need to consider options that involve leaving your house. If your house is currently worth less than the amount remaining on your loan, you may be able to sell your house in a short sale. We offer programs that may provide a streamlined approval process and financial assistance to help you with relocation.

There are no fees and no minimum credit requirements with the Home Affordable Modification Program, a part of the federal government's Making Home Affordable program.

How do I get started with a Home Affordable Modification?

Call us today at:
1.800.846.2222

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

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

I've called to ask about a loan modification.

During the call, we'll confirm that you're eligible to apply for this program, and tell you about some important deadlines.

After the call, we'll send you a financial information packet. You’ll need to complete the forms in the packet and gather any additional documents that are required.

Throughout the process, you'll be paired with a Customer Relationship Manager who will answer any questions you may have and help guide you through the steps you'll need to take.

I’ve received the financial information packet.

As soon as possible, complete, sign and send us the forms in your financial information packet, along with any other documents that may be required.

Within five business days of receiving your packet, we'll send you a letter to let you know if any documents are incomplete or missing.

If you don't qualify for a Home Affordable Modification, other modification options may be available.

If we can't find a modification option that works with your budget, you may need to consider options that involve leaving your house. If your house is currently worth less than the amount remaining on your loan, you may be able to sell your house in a short sale. We offer programs that may provide a streamlined approval process and financial assistance to help you with relocation.

I've been approved for a Trial Period Plan.

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

The purpose of the Trial Period Plan is to show that you're prepared to make the modified monthly payments. The trial period lasts a minimum of three months.

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

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

You must make each Trial Period Plan payment in a timely manner, in the amount specified in the notice, in order to receive a permanent modification.

If your original loan payment doesn't include a portion of your property taxes and homeowners insurance, those amounts will be added to your monthly payment and will be held in an escrow account.

If you're unable to successfully complete the trial period to get a permanent modification of your mortgage, you may need to consider options that involve leaving your house.

If your house is currently worth less than the amount remaining on your loan, you may be able to sell your house in a short sale. We offer programs that may provide a streamlined approval process and financial assistance to help you with relocation.

I’ve made all my payments during the trial period.

To be approved for a permanent loan modification, you must:

  • Successfully complete your Trial Period Plan
  • Complete housing counseling if you have been asked to do so
  • Return any additional required documentation in a timely manner

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

Important to-do's:

  • Sign the Modification Agreement
  • Get it notarized
  • Return it to us as soon as possible

Your modification only becomes permanent after we receive the agreement. Until then, we strongly encourage you to continue making payments in the same amount you paid during your trial period.

Please note: Once your loan is permanently modified, your new monthly payments could be higher than your Trial Period Plan payments.

Home Loan Assistance Frequently Asked Questions

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

  • 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're experiencing a financial hardship, such as reduced income or medical expenses
  • Your current mortgage was taken out before January 1, 2009

This program is managed through your servicer; you'll call them for an application. If Bank of America services your home loan, call us. We'll 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're 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're experiencing any of these situations, you'll 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 may be negatively affected. Your loan will be reported as paying under a partial payment plan during the trial period, and as modified after the final modification agreement. In addition, if you're behind on your payments when you start your trial, your loan will continue to be reported as "delinquent" until your loan has been permanently modified, even if you're making your trial payments.

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're in foreclosure proceedings, or your home has been scheduled for a foreclosure sale, contact us, if you haven't done so already so we can discuss your available options.

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

In order to protect your rights under applicable foreclosure law, it's important that you continue to respond to any foreclosure notices you may receive. If you don’t understand the legal consequences of foreclosure, you’re also encouraged to contact a lawyer or housing counselor 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.