Bank of America Mortgage Help
Bank of America is big. I don’t need to tell you that.
It may not surprise you to hear that they are servicing an enormously large population of mortgages. You may and perhaps most likely have a mortgage with BoA or Country Wide Mortgage which was purchased by, and is now, Bank of America. This enormously large banking and lending institution has its hands full of troubled mortgage loans.
Homeowners need mortgage help with Bank of America home loans. That is a fact, (and an obvious one at that) there is no question or argument about the matter. The real question on everyone’s mind (well at least those of us that have a BoA mortgage) is this…
Does Bank of America offer mortgage help to homeowners suffering through a financial hardship?
The short answer to this is *yes.
(man I’m a clever blogger)
*see Bank of America is so large and they have a lot to deal with, most of which is not even their mess but was inherited out of the economic necessity of a CountryWide buy out (which they stepped up and handled). They were not ready, no lender was, to handle the enormous demand for loss mitigation operations that they must now deal with. Given that information they are helping homeowners find mortgage solutions such as loan modification through HAMP or the Home Affordable Modification Program. However the problem with the help that homeowners are receiving is that the debt collection efforts of Bank of America (and every other like lender) conflict and will very often work against the loss mitigation efforts to help homeowners.
I will post on the BoA HAMP Trial Modification very soon. That post will address that issue further until then I have outlined some key principles that should move mountains in regards to our ability to understand how the trial modification process works, why you can not call and ask questions, who you can call instead since you won’t listen to me any how, and some information that will make about half of your jaws drop while reading this post.
Quick Tips – BoA HAMP Trial Modification
- The thick package that comes with a contract looking document and another envelope for you to use to reply is the trial modification offer. Congratulations.
- If you are paying only half of your mortgage payment then you are in a trial modification. Congratulations.
- I know you have called and the rep has told you that you have a ton of arrears and fees due, for now that does not exist, trust me. That rep is kept dumb and gets a commission for any amount you send in. Please stop calling.
- Read the darn contract it is not that bad.
- When you make those half payments you need to send in the payment coupon that goes with it. That coupon is in your thick package that came in the mail. That is the contract.
- If you have already made a few half payments and did not send in the BoA HAMP modification coupons then do so with any new payments and send in the others separtely with proof of payment and a SHORT concise note explaining what the heck you are doing. Send these “oops” coupons just as if you were sending in the payment correctly as the contract clearly instructs.
Homeowner Help From Bank of America
Bank of America offers their customers who are amidst a world of financial hardship many mortgage help options. I do not want to waste time going through the details of each and every mortgage assistance program that they have to offer but I will rattle off a few below.
Mortgage Help Options
- HAMP – Home Affordable Modification Program
- As I said earlier I will post on the BoA Trial Modification in detail soon. You can read all about the Make Home Affordable Loan Modification and other homeowner assistance programs offered through the Making Home Affordable Plan which was established by President Obama to help American homeowners stop foreclosure and make home affordable.
- Deed in Lieu of Foreclosure
- This program is for homeowners who no longer can afford their home even with a loan modification. There is an excellent resource that will help homeowners with the basics of a deed in lieu of foreclosure
- This is like a repayment plan. Learn more about forbearance.
- Loan Reinstatement
- This is essentially paying all that is past due on your mortgage. They are very good at helping you with this. Imagine that.
- This is done through the trustee or equivalent of a trustee for judicial foreclosure states. I don’t know a lot else. Learn more on redemption.
- Short Sale
- If you have an interested buyer who does not want to pay full price a short sale may be a viable option
- Loan Modification
- Even if you are unable to qualify for a Obama loan modification you can still get a loan modification the old-fashioned way
- Mortgage Refinance
- There is a program with in the Obama plan called HARP – Home Affordable Refinance Program.
- Apply for HARP
- Qualifications for HARP – Obama Refinance Help
Remember to check back soon for the post on the HAMP Trial Modification with Bank of America. Until then you should check this previous post out on the same topic…