Get assistance from Bank of America.
Bank of America is currently the largest lender in the United States. They have almost 7,000 branches across the nation, tens of millions of customers, and over $2 trillion in consolidated assets. The bank is involved in many different businesses, including issuing mortgages, credit cards, auto loans, and various other refinancing and loan products.
Many Bank of America customers may need assistance from time to time in dealing with their outstanding loans, mortgages, credit cards, and other debts. Customers may need information on the options that are available to them including foreclosure prevention programs, credit card hardship, debt settlement and consolidation. Some may want information on other challenges, such as how to get help with paying auto loans. Below you will find a listing and summary of many of the assistance programs and counseling services that are offered by Bank of America to its customers.
Foreclosure and mortgage assistance
With the housing crisis hitting the United States, millions of homeowners are struggling to pay their mortgage or they may be facing a foreclosure. Bank of America is one of the country’s biggest mortgage issuers and servicers. They also acquired Countrywide several years ago, which even further increased BOA’s importance in the home loan and housing market. The lender knows that they need to offer numerous assistance programs to help homeowners stay on track with their mortgage, or programs and services try to help them stay in their homes and prevent a foreclosure. A foreclosure filing is always the last option, as it does not benefit the bank or the homeowner.
The mortgage assistance and foreclosure counseling and prevention programs offered by Bank of America include.
- Forbearance - Suspend the payments on your mortgage. This provides homeowners time to get on track and resume timely payments on their home loan.
- Principal reduction - Waive or reduce the principal of your Bank of America mortgage. Click here.
- Foreclosure assistance - Counseling, mortgage assistance, and other prevention services.
- Countrywide loan modifications - This lender, which was acquired by BOA, has many solutions for homeowners.
- Customer support centers - The lender has opened locations across the country to provide free foreclosure counseling and advice. Learn more.
Bank of America and MBNA credit cards
While it may be incredible to believe, Bank of America has almost 50 million customers who are using their credit cards. They are the nation’s largest credit card issuer, and have been since they acquired MBNA in 2005. The percentage of people who are behind on their credit card bills and debts will typically range from 5-10% at any one time, depending on how the overall economy is doing. So the fact is that at any one time millions of people need help paying their monthly credit card bills and debts.
To help these customers, Bank of America administers several debt reduction, settlement, and credit card assistance and hardship programs. The options for customers include the following.
- Debt management plans - Work directly with a non-profit credit counseling agency to pay off unsecured debts and loans.
- Hardship programs - Modify the terms on your credit card account, waive or reduce fees, and reduce payments if you are facing a financial hardship.
- Debt settlement - Reduce or eliminate your credit card debts by settling balances directly with Bank of America. Learn more.
- Debt consolidation - This option can lower the interest rate on your loans, medical, and credit card debts and simplify your payment options.
Bank of America is also a major car loan originator. They work directly with private buyers on issuing auto loans for purchasing new and used cars. in addition to that, they also partner with dealers across the country to help them provide customers financing for loans that are originated at dealerships. So they have assistance programs for loans on used cars as well and the financing that was provided from a dealer.
While not as common as a mortgage or credit card, people may need help from time to time to pay their car loans, and BOA has programs and options available for them. One of the best solutions is for a consumer to refinance their auto loan to reduce their interest rate, or extend the length of their loan. This can help them save possibly thousands of dollars in financing costs over the life of their auto loan.
- Refinance auto loan - Save up to hundreds of dollars per year by lowering the interest rate or changing the term of your existing car loan.
With tens of millions of customers, it is only fair to assume that at any one time some of them will need help with paying their loans, debts, credit cards, mortgages and bills. It is always a great idea to call the lender as soon as possible, ideally even before you experience a financial hardship or fall behind on your payments. The information listed above is only a sampling of the various assistance programs offered by Bank of America.