Bank of America Loan alteration

Bank of America Loan alteration

If you are a homeowner and are starting to feel eager because you are falling behind on your loan payments there is help obtainable that can assist you in a Bank of America loan alteration. 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 alteration 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 obtainable for traditional, 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 alteration

The two options below assist homeowners in default and aid in change 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 obtainable to borrowers who are in default.
  • Disposition options are obtainable closest upon default, if the cause for default is incurable, borrower has harsh hardship due to illness and is unable to make mortgage payments.
  • Vacant or abandoned similarities are not eligible for reinstatement options. Exceptions may be made for vacant or abandoned similarities when circumstances are related to default such as job move, death, or other proven reason.

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