FAQs - Home Loan Assistants/Loan Modification

FAQs - Home Loan Assistants/Loan Modification

FAQs - Home Loan Assistants/Loan Modification

 

* Am I eligible for a modification under the Home Affordable Modification Program?

 

 You may be eligible for the federal government’s Home Affordable Modification Program if:

· The amount you owe on your first mortgage is equal to or less than:

- $729,750 for a single-family home

- $934,200 for a 2-unit property

- $1,129,250 for a 3-unit property

- $1,403,400 for a 4-unit property

 

· You're experiencing a financial hardship, such as reduced income or medical expenses

 

· Your current mortgage was taken out before January 1, 2009

 

* How do I apply for a Home Affordable Modification Program loan modification?

 This program is managed through your servicer; you'll call them for an application. The servicer will review your situation, confirm that you meet the requirements for this program and then send you a financial information packet.

If your loan is an FHA loan, you need to apply under the FHA Home Affordable Modification Program, which was developed specifically for homeowners with FHA loans.

 

* Is a loan modification under the Home Affordable Modification Program only available if I'm behind on my mortgage payments?

 

No. If you're struggling now, or believe it will soon be difficult for you to make your mortgage payments on time (referred to as an "imminent default"), you may qualify under the Home Affordable Modification Program. As a homeowner, you may find yourself in this situation for a number of reasons. It may be caused by an increase in your mortgage payment, a reduction in your household income or some other hardship that makes it difficult to pay your mortgage. If you're experiencing any of these situations, you'll need to document your income and expenses and provide evidence of your financial hardship.

 

* Will my credit be affected by accepting a trial period plan or loan modification?

 

Yes. Staying current on your payments is the best way to maintain your credit. However, if you enter into a modification, your credit may be negatively affected. Your loan will be reported as paying under a partial payment plan during the trial period, and as modified after the final modification agreement. In addition, if you're behind on your payments when you start your trial, your loan will continue to be reported as "delinquent" until your loan has been permanently modified, even if you're making your trial payments.

Credit scores are determined by a customer’s credit history and not controlled directly by Bank of America. Our commitment is to accurately report the status of all our customers.

 

* What should I do if my loan is scheduled for foreclosure?

 

If you're in foreclosure proceedings, or your home has been scheduled for a foreclosure sale, contact us, if you haven't done so already so we can discuss your available options.

You may also want to take advantage of HUD-approved housing counseling services.

In order to protect your rights under applicable foreclosure law, it's important that you continue to respond to any foreclosure notices you may receive. If you don’t understand the legal consequences of foreclosure, you’re also encouraged to contact a lawyer or housing counselor for assistance.

 

* My request for home loan assistance was denied. Can I dispute that decision?

 

If you were denied home loan assistance, such as a request for a loan modification, short sale or deed in lieu you may be able to dispute the decision. You can file an escalated case with us if you have reason to believe any of the following are true:

· You met all the criteria for home loan assistance but were not properly evaluated for assistance or were improperly denied assistance. This may include:

 

· You did not receive adequate notice from the servicer about your foreclosure alternatives

· You were not given appropriate time to respond to communications from us during your loan review process

· Your loan was referred to foreclosure prematurely, or we did not suspend foreclosure activities when we were required to do so

 

You can also file an escalated case if either of these two specific concerns apply to your loan:

· You have a reasonable belief that your mortgage loan is being serviced in a fraudulent manner

· You have retained a lawyer to help you resolve a mortgage dispute your servicer

 

If you have reason to believe that any of the above apply in connection with your loan review and affected your eligibility for home loan assistance, you may file an escalated case with us to review your concerns.

 

Please note that inquiries about a pending request for home loan assistance or general questions about the servicing of your mortgage do not meet the requirements for an escalated case.

 

* What to expect after submitting your request?

 

Within three business days after receipt:

· If your submission meets the requirements for an escalated case, within three business days of the receipt of your request, we will send you a written acknowledgement that we have received your request. This acknowledgement will also include the estimated date by which your escalated case should be resolved, along with a toll-free number for the Escalated Case Unit.

 

Within 15 calendar days after receipt:

· In most cases, within 15 calendar days of receiving your request, we will mail you a written response describing the proposed resolution of your request and any next steps to be followed by you or by us. If your matter cannot be resolved within 15 calendar days, we will notify you of the delay and give you a new estimated resolution date. This new estimated resolution date, in most cases, will be no longer than 30 calendar days from the date we received your original escalated case.

 

Checking the status of your escalated case

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