BB&T Loan Modification Program – How to Get Help?

If you have missed a few of your monthly mortgage payments, you are likely to receive a borrower response package by BB&T. In case you have not received it even if you need to participate in the loan modification program of the bank, you should make a request by calling its loss mitigation department. You must send the completed package well before the foreclosure date to avoid losing your home.

How can I avoid foreclosure if my loan is serviced by BB&T?

You need to contact BB&T loss mitigation department by calling 1-800-827-3722 and choosing option 6. You can request a borrower response package, which has a section detailing how you can avoid foreclosure. For further information, you may like to see the resources provided by government institutions, such as HUD, Fannie Mae and Freddie Mac.

Can I contact BB&T loss mitigation department after the foreclosure process has begun?

Yes, you can still contact your loan servicer, but you need to do it fast. The bank cannot guarantee a foreclosure alternative if it does not receive the completed package at least 15 days before the foreclosure sale date. Also, you need to respond to any foreclosure notice while the bank evaluates your mortgage modification request.

What are included in the Borrower Response Package?

The following are some of the documents included in the Borrower Response Package sent by BB&T.

  • Uniform Borrower Assistance Form
  • Servicemembers Civil Relief Act Disclosure Questionnaire
  • Dodd-Frank Certification
  • IRS Form 4506T
  • Hardship Letter Affidavit
  • Income Documentation

What other documents must I include in the package?

The following documents are mandatory for all applicants.

  • Two most recent Bank Statements
  • Property Tax Statement

The following documents are necessary only if applicable in your case.

  • If your loan is not escrowed, you may need to produce Borrowers Insurance Declaration Page.
  • If you pay Borrowers associated fees, you may need to attach Borrowers Association Statement.
  • If your house is on the market, you need to submit Listing Agreement.
  • If you find a Short Sale Offer in your package, you must include Sale Contract and Preliminary HUD1.

How can I send the completed package?

The completed package can be sent by either fax or mail. The fax number to send the same is 252-293-9058. The mailing address is BB&T M/L Default, 7701 Airport Service Rd., MC 527-99-03-40, Greensboro, NC 27409.

How BB&T can help the homeowners facing financial hardships?

The following is a list of options available at BB&T for homeowners facing financial hardships. You might be eligible for one or more of these programs.

  • Refinance
  • Reinstatement
  • Repayment Plan
  • Forbearance Plan
  • Partial Claim
  • Modification
  • Short Sale
  • Deed-in-Lieu of Foreclosure

What are the different steps of evaluation and selection of a mortgage assistance program for you?

The bank evaluates your documents to see if you are eligible for a refinance, reinstatement, repayment or forbearance. Next, it checks to determine if you qualify for a loan modification help under the Federal Government’s Home Affordable Modification Program (HAMP). Even if you don’t qualify for HAMP, you may be offered a loan modification program sponsored by BB&T itself.

What are the timeline of receiving mortgage assistance from BB&T?

Here is a step-by-step procedure to avail mortgage assistance from your lender.

  • You call the loss mitigation department and the bank sends you a package containing all forms and other documents needed to apply for a loan assistance program.
  • You complete the forms and other documents as needed and send the same in a packet either by fax or mail.
  • The bank calls you within three business days to confirm the receipt of the package you sent.
  • The bank sends you a confirmation notice within five business days. If anything is missing, you will be notified at this stage.
  • The bank will contact you within 30 days to inform whether or not you qualify for a foreclosure alternative. You will also be notified the types of assistance that might be available to you if you have qualified.

What is the phone number to contact BB&T mortgage customer service for questions related to mortgage assistance and loan modification?

You can contact the bank’s customer service at 1-800-295-5744 between 8:30 a.m. and 5 p.m. ET, Monday through Friday, for any query related to BB&T mortgage modification.

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