Bank of America can offer at least four kinds of mortgage modification programs, three supported by the federal government and one on its own.
- Home Affordable Modification Program
- FHA Home Affordable Modification Program
- Home Affordable Modification Program Military Modification
- Bank of America Home Loan Modification
The top three of the above programs are part of the federal government’s Making Home Affordable (MHA) program and are applicable on loans taken out before January 1, 2009.
Which loan modification programs should I apply for?
Here is a quick guide to help you find an appropriate mortgage modification program at Bank of America.
- If you are a military service member having trouble making mortgage payments, you must check whether you qualify for Home Affordable Modification Program Military Modification before trying any other assistance programs of the bank.
- If your loan is an FHA loan, you can try modifying your payments under federal government’s FHA Home Affordable Modification Program.
- A variation of the above program is Home Affordable Modification Program (HAMP), which you may qualify if the amount you owe on your first mortgage is no more than $729,750 for a single-family home.
- If you don’t qualify for any of the above, you can consider a Bank of America home loan modification program, which has no maximum loan amount and is applicable on any loan taken before or after January 1, 2009.
What do I need to qualify for a mortgage modification program by Bank of America?
The following are some of the criteria to qualify for a Bank of America mortgage modification program.
- You must be facing difficulty in making payments.
- You are at least 2 months behind on your mortgage payments.
- You income must be consistent and sufficient to make the modified payments.
- A home appraisal or inspection may be necessary for the approval.
What is the step-by-step process to apply for Bank of America mortgage modification?
The entire process consists of four steps, which are as follows.
- Call 800.846.2222 between 8 a.m. and midnight ET from Monday through Thursday to initiate the process of application. You can also call on Friday, Saturday or Sunday, but at different timings. You may be asked about information on your loan number, income, expenses and current financial hardship.
- Following your call to Bank of America, you will receive a financial information packet containing all necessary forms. You need to complete all these forms and send them along with all required documents. The bank will contact you within five days if any documents are incomplete or missing.
- Wait for about a month to receive a communication from the bank. If you qualify, you will be offered a trial period of modified payments, which may last three months.
- After three monthly payments, your trial period will be over. Its success will decide whether the new payments should be permanent. The bank will issue you a letter and Modification Agreement reflecting this change.