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Bank of America Loan Modification

Bank of America Loan Modification could help you retain homeownership in case you are facing financial difficulty. It is one among the several options that the bank makes available to borrowers who are behind on their payments. The other options include repayment plans, forbearance, extensions and debt management programs among many others. Call the phone number 1.800.846.2222 to get immediate mortgage help from experienced executives of the bank. You can also use home loan assistance tool available online at homeloanshelp.bankofamerica.com to find a solution to your problem in a step-by-step process.

Bank of America Mortgage Modification Program

Before calling to BofA home retention department, take a note of your current financial status and the problems that are causing you to seek hardship assistance. Bank of America makes available a special form known as Call Information Sheet for this purpose. You can download this pdf form online and get a print out of the same as well. Be prepared to be asked about the details of household income and expenses. Depending upon the nature and stage of your mortgage default, you will be suggested an appropriate loan modification program of the bank. The following are some of the programs that may help you come out of the financial mess.

  • Making Home Affordable: Sponsored by Federal Government, this could help you prevent a foreclosure if you qualify for a loan modification or refinancing assistance. In general, a borrower who has to pay more than 31 percent of monthly income is likely to qualify for the loan modification program. On the other hand, Home Affordable Refinance is available to one whose mortgage is 105 percent or less of home’s value.
  • National Homeownership Retention Program: This option is open to Countrywide Customers also, but it is applicable only for FHA loans. Call 1-800-669-6607 for more information.
  • HOPE NOW Foreclosure Counseling: Get foreclosure prevention advice from an approved counseling agency by calling 1.888.995.HOPE. You can also call 1.800.569.4287 to get free advice from an HUD-approved counseling agency.
Browse our website for detailed information on aforesaid programs and many others.

Bank of America Loan Modification Forms

After you made a call to BAC home loan specialist, start collecting documents as required by the bank, such as income proofs, pay stubs and hardship letter. Complete personal budget worksheet and other applicable loan modification forms, and send the same to the home retention department vial mail. You can also send these documents via fax to 716.635.7255. Make sure to check loan modification approval guidelines and fulfill all requirements so as to avoid denial of your application. The entire process of application can be broken into 5 easy steps so that you can follow them correctly and write your own mortgage modification success story.

1. Calculate debt to income ratio (DTI). Don’t make any assumption; use a calculator to do it accurately.
2. Write a hardship letter that clearly explains the reasons why you are not able to make payments.
3. Read approval guidelines carefully and see if you are not missing out any form, document or any other requirements. Check the application packet and compare its content with checklist you have downloaded along with the pdf package.
4. Your completed forms should convince the officers evaluating your eligibility for the program that you are capable of making the target payment.
5. Keep a record of every communication you made with the lender. This will help you increase your chances of success.

If you are denied, don’t give up. The usual timeline for a loan modification application to get approval is between 30 to 90 days. Update your financial information and send the same for a second review. Bank of America is such a large organization you need to keep calling them to get to the point of success. Here is the address of the loan modification department.

475 CrossPoint Pkwy
NY2-002-01-17
Getzville, NY 14068
Fax: 716.635.7255

Website: www.bankofamerica.com


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