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Home Affordable Modification Program Military Modification

Military Modification for servicemen and women. This program was designed specifically to help qualified military customers who are finding it difficult to make their mortgage payments, using principal forgiveness and potentially reduced rates and other solutions.

Is a Military Modification right for me?

Program Goal

The Military Modification was created to help members of our military obtain more affordable and sustainable mortgage payments by principal forgiveness, potentially reduced rates and other solutions.

Eligibility

You may be eligible for a Military Modification if:

You or a co-borrower is on active duty, or it's been less than nine months since your release

The property is your primary residence, or you've been temporarily displaced – for example, due to a foreign service assignment

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 took out your mortgage before January 1, 2009

Your total monthly payment (principal, interest, taxes, insurance and association dues, if applicable) is more than 31% of your pre-tax monthly income

Your loan is owned and serviced by Bank of America, and hasn't been previously modified under the Home Affordable Modification Program

Dedicated representatives with our military assistance unit will help you explore any other modification options that may be available to you.

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 provide a streamlined approval process and financial assistance to help you with relocation.

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

I've called to request a Military 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 requested.

Dedicated representatives with our military assistance unit will help you explore any other modification options that may be available to you.

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 provide a streamlined approval process and financial assistance to help you with relocation.

I've received my financial information packet.

As soon as possible, have all borrowers on the loan complete and sign:

Your Request for Mortgage Assistance form

IRS Form 4506-T Request for Transcript of Tax Return (only one form is required if you file your taxes jointly)

Send us both forms and:

Your active duty orders, or orders dated within the past nine months releasing you from active duty

Any additional documents that are requested

Within five business days after we first receive your documents, we'll contact you to let you know if any documents are incomplete or missing.

Within 30 calendar days of receiving your complete set of application documents, we'll confirm if you qualify for a Military Modification and notify you of our decision.

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 is to show that you can afford to make the modified monthly payments. It lasts a minimum of three months.

Your trial period begins when you make your first payment. Payments can be made by mail or over the phone, at no additional charge. Trial period payments cannot be made at your local banking center.

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

If you don't successfully complete the trial period, we'll automatically review other options.
If there isn't a home retention program that works for your situation, we'll explore other options to help you avoid foreclosure. If you're protected under the Servicemembers Civil Relief Act, we'll continue to halt any foreclosure proceeding as required under the Act.

I've made all three payments during my trial period.

If you successfully complete your trial period, you may be approved for a permanent loan modification.

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 must continue making your trial period 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 signed and notarized agreement.