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If you’re experiencing financial difficulty, or anticipate that you could be soon, help is available through a number of resources. The one that’s right for you depends on who your lender is, how much you owe, and your current payment status.
You may be eligible for help through these current efforts:
1. Making Home Affordable
President Obama recently announced the Administration's plan to further prevent foreclosures and assist borrowers with mortgage loan modifications. The Making Home Affordable program focuses on reducing the number of foreclosures and making it easier for customers to refinance.
For more information:
- www.makinghomeaffordable.gov
- Home Affordable Refinance Program
- Home Affordable Modification Program
- 1.888.995.HOPE
Home Loans Tip #6
When examining your loan options, be sure to let lenders know the price range and type of home you want to buy. Rates and terms for single-family homes are often different than rates for condos or second homes.
2. National Homeownership Retention Program
If you’re a Bank of America customer or a former Countrywide customer and are having trouble making your mortgage payments on certain types of loans, you may be able to take advantage of the following plans:
- Refinancing through the FHA
- FHA An acronym for Federal Housing Administration, which is an agency of the Department of Housing and Urban Development. The FHA provides mortgage insurance for certain residential mortgages. It sets standards for underwriting these mortgages and for construction of homes secured by these mortgages.
- under the HOPE for Homeowners Program
- Home loan modification, based on what you can afford
- Principal reduction on a pay-option home loan (an adjustable-rate mortgage (ARM) that lets you choose what to pay)
- For more information, call 1-800-669-6607.
3. HOPE NOW Foreclosure Counseling
If you think you might lose your home, the HOPE NOW Alliance offers free advice and counseling that could help get you on your way to recovery.
For more information:
- www.hopenow.com
- 1.888.995.HOPE
Be Prepared
To get help offer the right services so that you can determine the best solutions for you, be prepared to provide the following information when you call:
- Your loan number and property address
- Bank statements for the past two months, plus your most recent tax returns
- Recent income documents (such as your pay stubs)
- List of current expenses
- Brief explanation of your current financial situation
The more information you collect before you call, the faster we can determine your eligibility for assistance and the available solutions for you.
Take action now.
If you’re in financial trouble and can’t pay your mortgage, don’t wait to call. Contact one of these agencies today. The sooner you call, the sooner they’ll be able to help you—or at least steer you in the right direction.
Learn about Bank of America's Strategies for preventing foreclosure.
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