If you have a Bank of America mortgage and are behind on payments, here is what to do
This is a plain-English guide about the mortgage assistance options Bank of America currently offers to homeowners who are having trouble making payments — including forbearance, loan modifications, and alternatives to foreclosure. It also covers state and local programs that may be available regardless of your lender.
- FIRST STEP: If you have a Bank of America mortgage and are falling behind, the most important thing to do is call them before you miss more payments. The sooner you reach out, the more options are available to you. Once a foreclosure is started, options narrow. Bank of America's home loan assistance line is 800-669-6650, available Monday through Friday, 8 a.m. to 8 p.m. Eastern. Help is available in English, Spanish, and other languages. You can also start online at the BofA website at https://homeloanhelp.bankofamerica.com/en/index.html
If you are looking for broader mortgage help from other banks, nonprofits, and government agencies, see the main page on the mortgage assistance programs page.
Forbearance — Temporary Relief When You Need Time
If you have had a sudden hardship — a job loss, a medical situation, a natural disaster — and need a short period to get back on your feet, forbearance lets you pause or reduce your mortgage payments temporarily. The missed payments are not forgiven — they will need to be repaid — but forbearance stops a foreclosure from starting during that period and gives you time to work out a longer-term plan. Bank of America reviews forbearance requests based on your specific situation. Call 800-669-6650 or visit their site to request it.
Loan Modification — Changing the Terms to Lower Your Payment
A loan modification is a permanent change to your mortgage terms — the interest rate, the loan length, or both — to make your monthly payment lower and keep you in the home. This is different from forbearance, which is temporary. A modification is the right conversation to have if your hardship is not short-term and you need a permanently lower payment to stay current going forward.
Bank of America reviews modification requests based on your income, your current payment, and the type of loan you have. You will need to provide financial documents — pay stubs, tax returns, a hardship explanation — as part of the review. The bank can also modify home equity loans and lines of credit separately from your primary mortgage if you have both. Learn about the concept on our mortgage principal reduction page.
State and Local Assistance Programs
Bank of America's assistance site includes a section connecting homeowners to the Homeowner Assistance Fund and other state and local programs. These are government-funded programs that in some states can provide direct grants or zero-interest loans to help homeowners catch up on overdue mortgage payments, property taxes, insurance, and utilities. Funding and eligibility vary by state and many programs have limited funds. Go to the state and local assistance section at https://homeloanhelp.bankofamerica.com/en/. For additonal local options, see state mortgage assistance - foreclosure prevention programs.
Free HUD Counseling
Bank of America's own assistance site recommends connecting with a HUD-approved housing counselor, and that is good advice. HUD counselors are free, work for you rather than the bank, and can help you understand whether the options the bank is offering are reasonable for your situation. They can also negotiate with Bank of America on your behalf. Call 1-800-569-4287 to reach HUD's national counseling line, or find an agency at https://answers.hud.gov/housingcounseling/s/?language=en_US.
If Staying in the Home Is Not Possible
If your financial situation has changed to the point where keeping the home is not realistic, Bank of America also has options that can help you leave the home without going through a full foreclosure on your credit record.
A short sale lets you sell the home for less than you owe, with the bank agreeing to accept that lower amount to settle the debt. It is better for your credit than a foreclosure and lets you move on a timeline you control rather than one the bank sets. A deed in lieu of foreclosure means you sign the property over to the bank in exchange for being released from the mortgage debt. Both options require Bank of America's agreement and a review of your situation.
What Documents You Will Need
Whether you are requesting forbearance, a modification, or another option, Bank of America will ask for documentation. Having these ready before you call will make the process faster: your most recent pay stubs, your most recent tax return, a letter explaining your hardship and how it happened, your monthly household income and expenses, and your mortgage account number. If you are self-employed, you will likely need profit and loss statements as well. Bank of America has a document checklist at homeloanhelp.bankofamerica.com.
Watch Out for Scams
When homeowners fall behind on their mortgage, scammers offering to help are common. No legitimate organization will ask you to pay upfront fees to get a loan modification, tell you to stop making payments, or ask you to sign your home over to them. Bank of America will never ask you to pay a third party to apply for assistance. If someone contacts you claiming to be able to get you a modification for a fee, it is a scam. Report it to the Federal Trade Commission at https://reportfraud.ftc.gov/.
This page provides general information about Bank of America's mortgage assistance programs. Eligibility, program terms, and available options can change. Contact Bank of America directly at 800-669-6650 or at homeloanhelp.bankofamerica.com to discuss your specific situation. This is not legal or financial advice.
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