FAQs
Home Loan Assistance Frequently Asked Questions
If you are experiencing financial hardship associated with the coronavirus, Bank of America can provide a payment forbearance (also referred to as a payment postponement) for three months or longer:
- Payments are postponed.
- Payments aren't forgiven or erased, although we'll work together on repayment options.
- There won't be any late charges.
We're able to provide you an initial payment forbearance for up to three or six months based on the requirements of the owner or insurer of your loan. After that initial assistance, additional extensions may be available for a total coronavirus payment assistance period of up to a maximum of 18 months based on the owner or insurer and status of the loan.
The Bank of America Payment Forbearance Program
We'll work with you to understand your specific needs and offer a forbearance period of three months. In general, here's how it works:
- After the initial payment postponement, we'll reevaluate the situation with you and if you are still financially impacted by the coronavirus, we may extend the forbearance period for up to a maximum of 18 months based on the status of the loan.
- When the forbearance is complete, we'll work with you on the best solution to repay the postponed payments. Options may include:
- Repaying the total amount due at the end of the forbearance period
- Setting up a repayment plan to make up the missed payments gradually while paying the regular monthly payment
- Modifying the loan to change the terms by extending the term of the loan, lowering the interest rate and/or deferring principal, as needed to achieve an affordable payment
- Paying the home loan in full
- If payments can be made during the forbearance, please do so.
We'll work with you to understand your specific needs and offer a forbearance period of either three or six months.
- After the initial payment postponement, we'll reevaluate your situation with you and if you are still financially impacted by the coronavirus, we may extend the forbearance period for up to a maximum of 18 months based on the status of the loan.
- When the forbearance is complete, we'll work with you on the best solution to repay the postponed payments. Options may include:
- Repaying the total amount due at the end of the forbearance period
- Setting up a repayment plan to make up the missed payments gradually while paying the regular monthly payment
- Moving the past due payments into a deferred balance fully due upon the maturity date of the loan or earlier upon the sale or transfer of the property, refinance of the loan, or payoff of the interest-bearing unpaid principal balance
- Modifying the loan by extending its term, lowering the interest rate, and/or deferring principal, as needed, to achieve an affordable payment
- Paying the home loan in full
- If payments can be during the forbearance, please do so.
All you have to do is contact us at 800.669.6650.
If a third party owns your loan, you can also visit:
After your request is processed, the forbearance will begin with the next payment.
- For Bill Pay or transfers through a Bank of America checking or savings account, you'll need to 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, you don't need to take action. We won't debit any postponed payments.
If you normally pay property taxes and insurance on your own, keep making those payments when they're due.
- If either your taxes or insurance are not paid on time, we'll make those payments on your behalf. Then, we'll create an escrow account for these payments going forward. If this happens, we'll notify you of any changes and work with you on repayment options.
- If the annual analysis for the account occurs during the time we've postponed payments, you'll receive a notice about the payment changes. After the payment assistance period, we'll work with you on options to pay any escrow shortage that may have resulted. To make any deposits to the escrow account during the payment assistance period, please contact us.
If payments can be made during the forbearance period, please do so. 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.
Home loans clients facing financial hardships related to the coronavirus are encouraged to submit a payment assistance request online or contact the client services team for assistance at 800.669.6650.
- Visit Help with More Bank of America Products
- You can also find information by logging in to Online Banking
By accepting a payment deferral or 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.
Submit a request online up to three months prior to the next home loan payment due date if you continue to need coronavirus assistance. The loan may be eligible to receive up to a maximum of 18 months of coronavirus assistance based on the owner or investor and the status of the account.
Once we process the request, we’ll send you a confirmation letter in the mail.
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.
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 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, your 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, your 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.
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, your 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, your 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.
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 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, your 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, your 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.
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 modification of your 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, your 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, your 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.
Yes, but staying current on your payments is the best way to maintain your credit. If you enter into a modification, 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 period, your 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.
We don't charge fees for a modification. However, you may be responsible for administrative expenses that Bank of America pays to third parties, such as attorney fees and recording fees.
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, if you enter into a modification, your 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, your loan will continue to be reported as delinquent until it has been permanently modified, even if you're making your trial period payments. 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.
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.
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.
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. 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 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. The lender needs to provide this form and send it to you.
The length of time depends on your 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 your 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. We may not start or advance foreclosure proceedings while your loan is under review for loan assistance. The evaluation process for loan assistance begins when we receive all documents we've requested from you.
Your mortgage account may be charged for costs associated with nonpayment. Learn more about specific charges by viewing default related service fees.
It's a written notice from you that details error(s) you believe have been made relating to the servicing of your loan. Your notice must include:
- Your name
- Your loan number and/or property address
- Details about the error(s) you believe have taken place
Only errors related to the servicing of your 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 your mortgage. Please make sure your request includes:
- Your name
- Your loan number and/or property address
- Details about the specific type of information you are requesting from us about your 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.-10p.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 your 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.
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.
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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.