Hundreds of thousands of homeowners across the nation, including tens of thousands of Bank of America customers, are having difficulty in paying their mortgage and may be facing a foreclosure filing. If you are one of those borrowers who is experiencing a hardship or financial difficulty, or if you think in the near future you may have difficulty in paying your mortgage, then call Bank of America to explore solutions to your home loan difficulties. They have a dedicated Home Loans customer service department that is both responsive and highly trained to explore a number of solutions with homeowners.
Programs for homeowners may be available through a number of resources that are offered by BOA. A representative from the bank will work with you to explore all options. They will need to fully understand your current financial situation, how much you owe on your home loan, who your current lender or mortgage servicer is, and the current payment status on your home loan. However, regardless of your situation, Bank of America Home Loans customer service representatives will work with you to help. You need to call them before you fall behind though, as if/when you start to miss payments the number of potential solutions decreases greatly and your chance of having success is also reduced. Some of the potential solutions offered include, but are not limited to, the following:
-Explore catching up on missed payments through a repayment plan, which is an arrangement that is made with Bank of America to repay delinquent installments or advances on your home loan. The terms of this arrangement will vary and will depend on a number of factors, including the homeowners employment status, total household income, and the terms of their current mortgage. A bank or lenders' formal repayment plan is often called a relief provision.
-BOA can also provide an extension of 1-3 months for a missed payment. Or they can provide the homeowner more time to repay their home loan. This is effective if a borrower is facing a short term reduction in income or some type of crisis situation.
-The bank realizes that oftentimes people fall behind on their mortgages because they are overwhelmed with other paying debts, bills, and commitments that they have. They can refer people to various debt reduction solutions and credit counseling programs, including Bank of America debt settlement programs.
-Work with a representative or counselor to have your home loan rate payment, interest rate, or repayment term adjusted or modified. For example, BOA may decide to lower your interest rate or extend the mortgage. Sometimes the rate reduction can be temporary and in other cases it can be a permanent reduction. Either way it should go a long way towards assisting the homeowner.
-Explore federal government assistance programs with the Bank of America Home Loans customer service representative. They can advise you on the pros and cons of programs such as HARP 2.0, the HUD emergency home loans and many more.
To explore these or other options that can help your with paying your home loan or mortgage, call Bank of America at 1.800.720.3758.
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