Bank of America Loan Modification

If you are a homeowner and are starting to feel anxious because you are falling behind on your loan payments there is help available that can assist you in a Bank of America loan modification. If you are a homeowners that has had a hardship in life then you need to know your options to stop foreclosure and what it takes to get a loan modification with Bank of America if you qualify. Below are options to stop foreclosure with just about every company including Bank of America.

Before you begin you need the contact numbers for Bank of America

Existing Customers-

Customer Service 1.800.285.6000 Mon-Fri 8am - 9pm ET Loss Mitigation 800.846.2222 - Phone 716.635.7255 - Fax

Now that you have the contact numbers for Bank of American Loss Mitigation you need to understand the options available for conventional, Fannie Mae and Freddie Mac.

The first three options promote retention of home ownership, and are known as reinstatement options because they are intended to bring the loan current or provide relief until they can be reinstated. They are also known as retention options.

• Forbearance


• Repayment Plan


• Loan Modification

The two options below assist homeowners in default and aid in transition to lower -cost housing or relocation. These options are known as liquidation options because they liquidate the loan.

• Short Sale


• Deed-in-Lieu

There are minimum eligibility requirements to qualify for reinstatement or liquidation workout options. These are:

• All workout options are available to borrowers who are in default.


• Disposition options are available immediately upon default, if the cause for default is incurable, borrower has severe hardship due to illness and is unable to make mortgage payments.


• Vacant or abandoned properties are not eligible for reinstatement options. Exceptions may be made for vacant or abandoned properties when circumstances are related to default such as job transfer, death, or other documented reason.

Our next section on loan modification with Bank of America will be released next week. It will explain how to negotiate with a loss mitigation company to stop foreclosure

Written by a Don Morris a Loss Mitigator for your benefit

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