Is the Home Affordable Unemployment Program right for me?
Program goal
The goal of the Home Affordable Unemployment Program—or simply, the Unemployment Program—is to give you a period of suspended mortgage payments for up to 12 months while you are looking for work.
Eligibility
You may be eligible for the Unemployment Program if:
you are currently unemployed
you have received unemployment benefits within the past 6 months, or believe you will soon
you are behind on your mortgage payments, or believe you will be soon
you have entered into a permanent loan modification agreement under the Home Affordable Modification Program but are three or more payments past due
you did not successfully complete your Home Affordable Modification Program trial period
your mortgage is not guaranteed by Fannie Mae or Freddie Mac
How do I know?At this time, Fannie Mae and Freddie Mac are not participating in this program. To see if your mortgage is owned or guaranteed by them, simply call the toll-free numbers below or use their online lookup tools
Fannie Mae:
1.800.7FANNIE (8am to 8pm ET) www.fanniemae.com/loanlookup Opens a new window
Freddie Mac:
1.800.FREDDIE (8am to 8pm ET) www.freddiemac.com/mymortgage Opens a new window
your home loan is not an FHA or VA loan
How do I know?
One quick way to check and see if your mortgage may be FHA or VA-insured is to look at page 2 of monthly loan statement. On the right hand side of the document under "Loan Type and Term," you will see the length of the term and the type of loan that our system shows you may have.
If you are having difficulty finding the information, call one of our home retention specialists at 1.800.669.6650 and let them help you determine whether or not your mortgage is an FHA or VA loan.
your home is your primary residence and you reside in the property
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
your current mortgage was taken out on or before January 1, 2009
If you choose to participate in the Home Affordable Unemployment Program, your existing application for the Home Affordable Modification Program and your Trial Period Plan will be canceled.
You may re-apply for a Home Affordable Modification once you are re-employed, or once you have completed the Unemployment Program. If you choose to re-apply, your new modification application will be based on your new financial situation and the income documentation you provide at that time.
It is important to note that one or more of the following may occur:
- You may no longer be eligible for a Home Affordable Modification based on your new financial documentation.
- If you are qualified for a new Home Affordable Modification, your new Trial Period Plan payments may be different than the trial period payments you have now.
If you do not meet the eligibility requirements listed above, please contact us to discuss which other forbearance options may be available to help you.
The Home Affordable Unemployment Program at a glance
How it works
If you qualify for the Unemployment Program, your mortgage payments will be suspended for a limited period or until you are re-employed, whichever comes first. If you are already in the foreclosure process when you enroll in the Unemployment Program, the foreclosure sale will be postponed as long as you are in the program. Please contact us to discuss which options may be available to you.
If you find a job
If you find a job while in the program, you will be considered for participation in the Home Affordable Modification Program. This program’s goal is to permanently modify your loan.
If you do not find a job
If you do not find a job while in the program, you will be considered for participation in the Home Affordable Modification Program. We will be in touch with you approximately 30 days prior to completing your Unemployment Program forbearance period. If you do not qualify for the Home Affordable Modification Program, we will review your financial information to determine if there are any other loan assistance options available to you
Keep in mind
Under the Unemployment Program your payments are suspended, not canceled. This means you will need to pay back the amount that was suspended. Once you complete the program, normal payments will resume. Options for repayment include:
- making a one-time payment for the full past due amount
- a repayment plan may be setup increasing the amount of your monthly mortgage payments until the full past due amount is repaid
- if you have been approved for the Home Affordable Modification Program after completing your forbearance, the postponed payments will not be due immediately. They will be incorporated into your modified loan amount.
How do I get started with the Home Affordable Unemployment Program?
Call us
When you call, we will pair you with a Customer Relationship Manager who will work with you throughout the loan assistance process.
Call us today at:
1.800.669.6650
8am-12am ET Mon-Thur
8am-10pm ET Fri
8am-6pm ET Sat
3pm-12am ET Sun
Call Information Sheet Opens a New Window.
To help you keep track of important deadlines and take notes during the call, please print out this form prior to calling.
Home Affordable Unemployment Frequently Asked Questions
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.
