How to Restructure a Mortgage at Bank of America
In difficult financial times you may just need a little extra help. You lender may be able to provide assistance with your home loan. Restructuring your mortgage can provide you relief from the burden of mortgage payments by lowering your interest rate or the principal owed on your loan. Bank of America provides a number of options to homeowners. The sooner you contact Bank of America, the better your chances will be to receive assistance.
Other People Are Reading
Instructions
-
-
1
Find copies of all of your bank statements, pay stubs and any other sources of income for the last six months. Make a detailed list of your monthly expenses. Bank of America will ask you questions related to your income and expenses.
-
2
Call Bank of America's home loan assistance program at 1-800-451-6362. Do not call the bank's general customer service number. The staff at the home loan assistance program are specially-trained and qualified to get you started with a loan modification.
-
-
3
Explain why you need to restructure your loan. Give specific information about why you cannot afford your current payments. The Bank of America representative will ask for current income and expenses. If you qualify for assistance the bank will mail you an application for loan modification.
-
4
Fill out all of the paperwork. Back up all of the information with paper copies of your financial records. Make a copy of the packet for yourself and file it somewhere handy.
-
5
Respond immediately to any additional requests for information. Bank of America will contact you for anything that was missing from the application and any new information that arises. Make a copy of all correspondence with the bank.
-
6
Make your payments on time in the manner that the lender instructs. Bank of America will give you a temporary modified payment. You will be responsible for making this temporary payment until your loan restructure is approved.
-
1
References
- Photo Credit house image by Byron Moore from Fotolia.com
More Like This
Comments
-
ebarkho13
Aug 25, 2010
This is BS! You have to be already delinquent before they will assist you. Do waste your time being proactive and get help before you are delinquent and waste about 30 minutes on hold for no reason!!
