Bank of America Loan Modification

If you are a homeowner and are starting to feelalso known as retention options.
anxious because you are falling behind on your loan- Forbearance
payments there is help available that can assist you in- Repayment Plan
a Bank of America loan modification. If you are a- Loan Modification
homeowners that has had a hardship in life then youThe two options below assist homeowners in default
need to know your options to stop foreclosure andand aid in transition to lower -cost housing or relocation.
what it takes to get a loan modification with Bank ofThese options are known as liquidation options
America if you qualify. Below are options to stopbecause they liquidate the loan.
foreclosure with just about every company including- Short Sale
Bank of America.- Deed-in-Lieu
Before you begin you need the contact numbers forThere are minimum eligibility requirements to qualify for
Bank of Americareinstatement or liquidation workout options. These are:
Existing Customers-- All workout options are available to borrowers who
Customer Service 1.800.285.6000 Mon-Fri 8am - 9pmare in default.
ET Loss Mitigation 800.846.2222 - Phone 716.635.7255- Disposition options are available immediately upon
- Faxdefault, if the cause for default is incurable, borrower
Now that you have the contact numbers for Bank ofhas severe hardship due to illness and is unable to
American Loss Mitigation you need to understand themake mortgage payments.
options available for conventional, Fannie Mae and- Vacant or abandoned properties are not eligible for
Freddie Mac.reinstatement options. Exceptions may be made for
The first three options promote retention of homevacant or abandoned properties when circumstances
ownership, and are known as reinstatement optionsare related to default such as job transfer, death, or
because they are intended to bring the loan current orother documented reason.
provide relief until they can be reinstated. They are