Bank of America Foreclosure
88
If you are having trouble meeting your monthly mortgage obligations the best thing you can do is contact your lender. Most lenders, including Bank of America, are willing to work with homeowners to keep them in their homes. Each lender has different guidelines and opportunities for their borrowers who are in need of assistance. The only way to find out what your lender can do to help is to call.
Making the Call
A key difference between Bank of America and other lenders is that they don't require you to have a lot of information gathered before calling. Generally all you need is your loan number, the Bank of America Representative will be able to pullup your account information and go over it with you. They will ask you questions about your current financial situation so having the following items on hand may be helpful, but is not necessary:
- Recent pay stubs
- Any large recurring payments like college tuition or car payments
- Recent tax returns
Bank of America borrowers can call 1-888-293-0264 or the number listed on the most recent mortgage statement. Either way, they will be directected to the person or department that will be able to assist them.
Possible Options
Every situation is unique, and Bank of America representative will give borrowers the options that best suit their circumstances. Some of the options that Bank of America may present struggling homeowners include:
- Repayment Plans
A repayment plan brings the deliquent account current. The past due amount is paid over a period of time while the regular mortgage payments are made.
- Forebearance Plans
A forebearance plan would suspend the monthly payments for a short period of time. The specific terms of the plan would be determined by the borrower's circumstances.
- Refinancing
A new loan with different terms replaces the original loan. New terms may include a lower interest rate and a change in the length of the loan.
- Loan Modification
A home loan modification is still the original loan with some changes made to it. This is a good option for those who do not qualify for refinancing.
The sooner the borrower contacts Bank of America, the more options the representative will be able to offer and the more likely Bank of America will be able to help the borrower. While they would like to be able to help everyone, every case is unique and not all can troubled loans can be worked out. The only way to find out is to call.
For assistance with a Bank of America loan modification:
- Foreclosures Medic
AT LAST! a Complete Loan Modification Kit which provides insider tips and easy instructions on how to stop the foreclosure process and SAVE YOUR FAMILY’S HOME.
Facts About Working with Bank of America
If you are at risk of missing a payment, or have already become delinquent on your loan, the best thing to do is to call Bank of America to see what assistance they offer. Here are some important details to keep in mind:
- Bank of America only accepts partial payments when prearranged, which is done on a case-by-case basis
- Loan assistance differs depending on if it is an adjustable rate mortgage that is about to reset, or if it a regular payment that is about to be missed
- Bank of America charges no fees for loan assistance or any of their workout options.
- Bank of America is willing to work with credit counselors but recommends that borrowers contact them directly as Bank of America's representatives have access to all the borrower's account information and do not charge a fee
PrintShare it! — Rate it: up down flag this hub
Comments
The article is a guide to every home loan borrower
Informative and useful!
A simple guide for every home owner
I have been sending letters of hardship for over six months. Every time a different representitive calls, they know nothing about the account and situation.
We have been trying to get a modification, have been in this home for 15 years and no one from BAC has been helpful or polite. Every representative has given us a different story or time line. Now after six months they want another "letter of hardship".
Does this bank want us to lose the house or pay the loan??
I agree with fedup. I have been working with BAC since last year. We were approved for a mod loan, but it was only 50 dollars less than what our first payments were. I missed the third mod loan payment by 3 days and they canceled the mod loan. But stated that the mod loan was never "officaly" approved, I could apply for another mod loan. I have called on a weekly basis, and get a different person each time, stating something different. I have kept notes each time I called, down to date time and minute of what is said and recorded. I feel that this is going to continue and that I will fall deeply in debt to BAC and lose the home anyway. If they are wanting to work with homeowners, you would like to think that the system would be better used, since they are one of the "top dog's" of the mortgage companies. I can only hope and pray that this will all work out, but looking for another home to live in, just in case. very sad.
Don't even try to work with them, they'll get you in the end. Tried working with them, sent monthly payments that they requested to stay out of default. Then got told the note was written off. If you think they're bad wait till you talk to the hatchet men they sell your note to.
excalibur43 says:
7 months ago
Bank of america and your article is a big big help!