How to Get Bank of America Foreclosure Help
Because of the recent recession, Bank of America, like other national lenders, offers several private and government foreclosure prevention programs to customers who are unable to repay their loans and risk losing their homes to foreclosure. Homeowners who are in the midst of a pending foreclosure sale may be able to modify their home loans under the federal Making Home Affordable Modification Program, or HAMP. Homeowners qualify under the HAMP program, available until Dec. 31, 2012, if they financed their homes on or before Jan. 1, 2009. Bank of America customers can find foreclosure help by submitting a HAMP application through the bank's foreclosure center.
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Instructions
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Visit Bank of America's website at "homeloanhelp.bankofamerica.com." Bank of America offers specific instructions about what you need to do after you have received a foreclosure notice.
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Contact Bank of America's Foreclosure Center by calling its toll-free number. The company offers private and government foreclosure programs to customers who are unable to repay their loans.
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Speak with a foreclosure specialist. Discuss your options. Although Bank of America offers private foreclosure programs, most homeowners in the midst of foreclosure benefit from the federal government's HAMP program. HAMP prohibits lenders from proceeding with foreclosure during the modification process.
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Request a HAMP application from the representative. If you decide that you would like to pursue a loan modification, you will need to complete a financial hardship affidavit and provide proof of financial hardship by submitting tax documents, pay stubs and bank statements. You will also need to complete an official application.
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Tips & Warnings
Bank of America also offers foreclosure alternative programs, including short sale options, deed-in-lieu of foreclosure options and the Home Affordable Foreclosure Alternatives Program.
Bank of America offers its customers with option of meeting in person with financial assistance counselors. The bank offers a drop-down menu on its website that allows customers to find the nearest customer assistance center.
Make sure any credit counselors you talk to work for a HUD-approved organization.
Beware of anyone who offers to buy your home offering to "help" you buy it back later.
Avoid offers of mortgage help that require a payment for counseling and other help.
Don't sell your home without first talking to your lender.
Bankruptcy is a last resort when dealing with your financial problems because it will damage your credit record for at least seven years.
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Comments
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lahrin
Mar 01, 2011
I agree! My husband called them to notify them in July 2010 that his TEMP job was ending....was told we could do a short sale but said we had to have a bid put in on the house b/f they would approve it???? then was told that they cancelled the 'foreclosure' in Dec. 2010??? was told at that time we could do a Deed In Lieu, next time we spoke to a rep they had no record of the Deed In Lieu and was then resubmitted, next rep we spoke to said they had no record of it?? NOW Feb 2011 they said we had to restart the entire process??? was told they were sending out stamped envelope to get our financial info, now, TODAY, March 1st 2011 they said there was no record/note stating that anyone is sending an envelope???? the lady hubby talked to today was rude and almost hung up on him. I believe they are going to give us a heart attack from all the stress!!! He has been out of work for almost 8...
