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When you apply for home loan assistance, it's important to know where you are in the process and if any further information is needed. To save time, be sure to have your loan number ready. Everything you need to know about help with your home loan payments if you have been impacted by the coronavirus.
If you're struggling with your Bank of America home equity loan or line of credit payments, there may be options to change the terms to achieve more affordable payments. If you have deposit accounts with us, you can easily move money from them to apply to your mortgage payment. Just log in to Online Banking or use the mobile app. Use Bank of America Online Banking to make your regular monthly mortgage payment, make a payment directly to your principal or make a payment to your escrow account.
Bank of America Interest Checking®
A loan modification changes the terms of your loan in order to try to achieve more affordable payments. Find local resources through HUD's homeowner counseling services and understand your foreclosure prevention options. If you are experiencing a financial hardship related to the coronavirus, we may be able to postpone home loan payments for three months or longer. If you were denied home loan assistance, such as a request for a loan modification, short sale or deed in lieu, you may be able to dispute the decision. In most, but not all, loan modifications, you will also need to complete a trial period.
If you're thinking about buying a home, our expert lending specialists can connect you to affordable housing assistance programs. When combined with an eligible loan, these assistance programs can help qualified homebuyers achieve successful homeownership. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs.
FAQs
If you have an FHA loan, you may be able to lower your monthly mortgage payments with a loan modification. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. If you're struggling to make your monthly home loan payments, assistance may be available to you. A variety of programs are available, and which one may best apply to your situation depends in part on whether you want to stay in your home or would consider leaving your home.
Also, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. These ads are based on your specific account relationships with us. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill.
Mortgage Rates & Loans
You can typically borrow up to 85% of the value of your home minus the amount you owe. Also, a lender generally looks at your credit score and history, employment history, monthly income and monthly debts, just as when you first got your mortgage. Our site also provides additional support for struggling homeowners in the form of information about homeowner counseling, government-hosted events and ways to avoid scams. With the Home Loan Navigator, you know where your loan stands every step of the way.
This trial plan will demonstrate your ability to afford your new monthly payment. If you show you are capable of maintaining the trial plan payment, we will make the modifications to your home loan permanent. In order to review loans for modifications, we may need supporting documentation to determine the right option. These documents could include proof of income, tax information, or other documentation. A loan modification may add any interest, escrow, fees, and expenses that are due into the remaining principal balance of your loan.
Manage Your Loan
We have even more solutions, from assistance with credit cards to help with auto loans. If you have an FHA loan and are worried about foreclosure, this program offers alternatives for settling your mortgage debt. You can get a response in less than 10 minutes when you prequalify for a mortgage online with Bank of America.
If you prefer that we do not use this information, you may opt out of online behavioral advertising. If you opt out, though, you may still receive generic advertising. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. If your loan is insured by the VA and you’re experiencing a hardship, a loan modification may make your payments more affordable.
Depending upon your type of loan, this may involve extending the term of your loan, lowering your interest rate, and/or deferring principal, as needed, to achieve an affordable payment. If you have a Fannie Mae or Freddie Mac loan, you may be able to modify your loan to make your payments more affordable. Bank of America has a variety of tools, resources and mortgage products that can help make the process of buying a bank foreclosure an easy one. To qualify for a home equity line of credit, you need to have available equity in your home, meaning that the amount you owe on your home must be less than the value of your home.
If you can't sell your house, you may be able to settle your loan by signing the house over to your lender. If you need longer-term help or if your forbearance period has ended, it may be possible to change the terms of your loan if you still need help.
Foreclosures, also known as real estate owned or bank-owned properties, have the potential to provide the right buyers an affordable option for owning a home. Foreclosure can happen to anyone for a number of reasons. If you may be heading toward a foreclosure, or even if you've received a foreclosure notice, there may be alternatives. Programs, rates, terms and conditions are subject to change without notice. Make an appointment to open an account or discuss your financial concerns at your convenience. There are several ways to pay your mortgage online.
There are just a few easy steps involved in the prequalification process. Getting prequalified for your mortgage is an important step before you shop for a home. It tells you how much home you can buy and makes applying for your mortgage easier. A mortgage prequalification can also give you additional leverage with a seller in negotiating the best possible terms of the sale.
Please note, this does not include a transfer done via ATM, online, or teller, or a transfer from a bank or brokerage account, Merrill Edge® or Merrill Lynch® account. We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that. If you have a loan that is not owned or insured by a government entity, understand how a loan modification may make your payments more affordable.