FHA Home Affordable Modification #mortgage #loan #modification


#mortgage modifications

#

FHA Home Affordable Modification

There may be other modification options to assist you. Call us to discuss your options.

If we can’t find a home retention option that works with your budget, you may need to consider options that involve leaving your house. If the current market value of your house is less than the amount remaining on your loan, you may be able to sell your property in a short sale. The Federal Housing Administration (FHA) has a short sale option that provides a streamlined approval process and financial assistance to help you relocate. By working with us and completing a successful short sale, you may rebuild your credit sooner than if your home gets foreclosed.

There are no fees and no minimum credit score requirements with this program. however you will be responsible for certain costs, expenses and fees associated with the servicing of your loan such as foreclosure attorney fees, etc. These were incurred by you before you entered into the FHA Home Affordable Modification Program. When your FHA Home Affordable Modification becomes final, all prior late charges will be waived.

Footnote 1 These eligibility requirements are informational and are not intended as a commitment to modify your home loan nor is this an exhaustive list of the parameters of the Program.

Footnote 2 This calculation is for informational purposes only, is based upon unverified information you provided at our website and should not be construed to mean that you qualify or do not qualify for a home loan modification. We are required to consider other factors in assessing whether you qualify for a home loan modification.

Now that I am in the process, what is next?

I have called and requested a FHA Home Affordable Modification.

When you call us to request an FHA Home Affordable Modification, we will review your situation, confirm that you meet the requirements for this program and then send you a financial information packet.

Throughout the process. you’ll be paired with a Customer Relationship Manager who will answer any questions you may have and help guide you through the steps you’ll need to take.

I have requested an FHA Home Affordable Modification.

When you receive the financial information packet, you will need to complete the enclosed forms and provide all the documents listed for you. Be sure to sign and return your completed forms and documents to us as soon as possible.

Within five business days of receiving your financial information packet, we’ll send you a letter to let you know if any documents are incomplete or missing.

Once we’ve received all of your required documents, it will take 30 calendar days to complete the evaluation process on your request and notify you of our decision.

Other modification options may be available. Or call us to learn more about your options.

If we can’t find a home retention option that works with your budget, you may need to consider options that involve leaving your house. If the current market value of your house is less than the amount remaining on your loan, you may be able to sell your property in a short sale. The Federal Housing Administration (FHA) has a short sale option that provides a streamlined approval process and financial assistance to help you relocate. By working with us and completing a successful short sale, you may rebuild your credit sooner than if your house gets foreclosed.

I have made all my payments during the trial period.

If you successfully make your Trial Period Payment Plan payments during the trial period and your financial circumstances have not changed, you’ll be approved for a permanent modification of your loan. You must continue making your Trial Period Plan payments until you receive a letter and Modification Agreement from us this may be longer than three months.

Each payment must be made in the amount of your Trial Period Plan payment and in a timely manner until you receive this agreement and your modification has been officially made permanent.

If you’re unable to successfully complete the trial period to get a permanent modification of your home loan and your loan is not eligible for other programs, you may need to consider options that involve leaving your house.

If your house is currently worth less than the amount remaining on your loan, you may be able to sell your house in a short sale. If your loan is insured by the Federal Housing Administration (FHA), you may qualify for the FHA’s short sale option. which may include financial assistance to help you relocate.

I have made all my payments during the trial period.

If you successfully make your Trial Period Payment Plan payments during the trial period, you’ll be approved for a permanent modification of your loan. You must continue making your Trial Period Plan payments until you receive a letter and Modification Agreement from us this may be longer than three months.

The Modification Agreement you receive from us defines the changes to your home loan. This agreement must be signed, notarized and returned to us before your modification becomes permanent.

We strongly encourage you to continue making your monthly mortgage payments at least in the amount of Trial Period Plan payments until you receive this agreement and your modification has been officially made permanent. Not staying current on your monthly mortgage payments could negatively impact your credit.

Bank of America, N.A. Member FDIC. Equal Housing Lender Opens in a new window
Bank of America Corporation. All rights reserved.

In order to provide proof of income, you ll need to submit documentation for everyone listed on your home loan. Please be sure to send photocopies of your documents DO NOT send originals. You ll need to submit any of the following that apply:

  • If you are a salaried employee, your most recent pay stub
  • If you are self-employed, a completed profit/loss template (which can be found in your financial information packet)
  • Other income (such as social security, disability, death benefits, pension, adoption assistance, public assistance, or unemployment) along with a benefits statement or letter from the provider that states the amount, frequency and duration of the benefit
  • Income from alimony, child support or separation along with the divorce decree, separation agreement or other written agreement filed with the court
  • Rental income, along with a signed letter detailing information about the property and the amount of rent you have received
  • Non-wage income (part-time employment, bonuses, tips and investment income), if more than 20 of total income, requires copy of documentation describing the nature of the income (for example, an employment contract or printouts documenting tip income)
  • Proof of homeowners/condominium association fees

*You are not required to disclose child support, alimony or separation maintenance income, unless you choose to have it considered.

Advertising Practices

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.

Here’s how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that’s customized to meet specific interests you may have.

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.

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. These ads are based on your specific account relationships with us.

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 .


Leave a Reply

Your email address will not be published. Required fields are marked *