Steps to getting a home loan modified with Bank of America

Steps to getting a HOME LOAN MODIFIED with Bank of America
First Step -
Call the appropriate toll-free customer service number:
o For servicing issue on a Bank of America Mortgage (800.285.6000) or Home Equity account (800.621.1044), or a Countrywide Home Loan (800.669.6607)
o If customer is experiencing financial difficulties on a Bank of America Mortgage (800.846.2222) , HELOC (800.451.6362) or Home Equity Loan (866.709.1116), or on a Countrywide Home Loan (800.669.6607)
o Customer needs information on the Making Home Affordable program (800.593.7798) - Refinance program
2nd Step -
If you are unsuccessful in getting assistance using the toll free numbers, You can call the First Level Escalation team!
o Bank of America mortgage (800.846.2222 – escalate to supervisory level)Please note that this number is the same as the toll-free number listed in step one above for “customer experiencing financial difficulties on a Bank of America mortgage.” However, the customer should be coached on the escalation steps:
§ Dial toll-free number
§ Mention to the associate answering the telephone that this is a repeat telephone call about an issue that remains unresolved
§ Request to speak with the supervisor of the associate answering the telephone
§ Inform supervisor of current status of unresolved problem
o Home Equity account (877.776.5842, ext. 1512275)
o Countrywide Home Loan (800-669-6093)

Please share your story with other homeowners if you are successful in getting your loan modified!

Short Sale - Do you qualify?

As a homeowner, do you qualify for a short sale? In order for a bank to accept a short sale, the borrower must have a demonstrable financial hardship. The reason for a short sale, can't be because a homeowner owes more than what the market value of their home is worth. A true financial hardship will have to be proven to the lender in order for a lesser amount than owned can be negotiated.

What is an acceptable hardship?

"A material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage"

Some examples of a financial hardship are:

*Loss of Job *Business Failure *Death of a Spouse or family members

*Severe Illness *Mandatory job relocation *Medical Bills

*Military Service *Mortgage payment increase *Reduced Income

*Too much debt *Incarceration *Divorce

It is estimated that most American Families can only maintain their current living expenses for 60 days or less when income is interrupted.

As a Certified Distressed Property Expert, I always recommend that a homeowner consult an attorney and discuss their 'entire financial picture' and be advised as to what is the best solution to their current financial hardship before moving forward with a short sale or just letting their property go into foreclosure. This is an hour well worth spending the time and money for.