Bank of America Loan Modification
Help and DIY tips when applying with BoA
Before we talk about the Bank of America Loan Modification, here is some extra info about 'Making Home Affordable'. Obama's program that not just Bank of America bases their help to home owners on.
Making Home Affordable
Focus on reducing the number of foreclosures and making it easier for customers to refinance loans is the main goal of the President Obama Administration's 'Making Home Affordable Program' .
As of March 2009, the program contained two components: Home Affordable Refinance and Home Affordable Modification. The programs are designed to help bring relief to responsible homeowners who either have lost equity in their homes and are unable to refinance or are struggling to make their mortgage payments. On April 28 the modification program was expanded to include modification of second liens or HELOCs where the first lien is being modified under the program. Also, the program includes the integration of an improved Hope for Homeowners program to extend the refinance options for borrowers who need assistance.
Who is Eligible?
Please use the self-assessment tools provided on http://makinghomeaffordable.gov/ to see if you may benefit from Making Home Affordable. Based on your results, next step suggestions will be provided.
If you are current on your mortgage, you may have access to the benefits of the Home Affordable Refinance portion of the program. On April 7, 2009 Bank of America began taking applications for the Home Affordable Refinance program through their network of Mortgage Loan Officers in the bank's retail call centers and mortgage branches to help you with the 'Bank of America Loan Modification'. In this first wave, Bank of America will serve the largest segment of eligible customers - those who do not have mortgage insurance on their current loan. Additional borrower segments will be included as systems are ready.
If eligible, please call 1.866.977.2941 and speak with a member of Bank of America's home loans team that is dedicated to this program. For questions regarding HELOCs, please call 1.800.621.1044.
Assistance for borrowers facing hardship:
Bank of America's goal is to help keep you in your home. In the first quarter of 2009, BoA assisted more than 119,000 borrowers with loan modifications. If you have recently talked with a home retention specialist and have updated your current financial information there is no need to call right now. As part of their help with the 'Bank of America Loan Modification', BoA will follow-up with you should if they require more information or once program eligibility has been determined.
If you have not reached out to Bank of America yet and have already missed a payment, BoA specialists will work with you to determine your eligibility for one or more potential solutions.
Your Next Steps:
If you have not reached out to BoA yet and are delinquent or think you might fall behind on your payments, please call BoA today at 1.800.846.2222. Before calling, it is important that you are prepared and have collected the following documents so you can be assisted better:
The more information you collect before you call, the quicker it can be determined if you are eligible for assistance and the best available solution for you.
Other resources and programs (including the 'Bank of America Loan Modification':
Learn more about the Administration's program by visiting the Department of U.S. Treasury at www.ustreas.gov.
Learn more about how to write a hardship letter by visiting our section Hardship Letter.
To learn about other programs available to Bank of America customers go to Need help with your mortgage payment?