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 phone numbers for the Bank of America

Existing Customers --

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

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

The first three options to promote retention of home ownership and re-designated as options because theyintended to relieve the loan current or until they are reinstated. They are also known as retention options.

Forbearance
Repayment Plan
Loan Modification

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

Short Sale
Deed-in-Lieu

There are minimum requirements for the re-qualification orLiquidation of training options. These are:

All the workout options are available, which are to borrowers in default.
Disposition options are now set to when the cause for the default is incurable, the borrower has severe hardship due to illness and is not able to afford mortgage payments.
Job or abandoned properties are not entitled to reinstatement options. Exceptions can be for vacant or abandoned properties, if the circumstances relating to transfer, such as job-Standard,Death or other documented reason.

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