Bank of America is the largest mortgage servicer in the country, servicing one in five home loans in the U.S. In addition to mortgage servicing, Bank of America also serves individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services.
In January 2008, Bank of America acquired Countrywide Financial Corporation and in doing so, boosted its own servicing portfolio with an additional 9 million loans totaling $1.5 trillion at the time of the acquisition.
What’s Being Done:
Bank of America states that it has begun processing its first wave of mortgage refinance applications under the Making Home Affordable Program. The initiative provides new refinance opportunities to homeowners who previously could not qualify.
As of June 2009, B of A has offered more than 100,000 mortgagors loan modifications in the previous four months. It provides the following assistance to qualified borrowers:
- Repayment plans up to 12 months
- Extensions from 1-3 months
- Modifications to the rate, term and monthly payment of your loan or line of credit
- Debt management programs with internal or nonprofit independent agencies
If you are currently delinquent, or think you might fall behind on your payments on a loan that’s being serviced by Bank of America/Countrywide, the bank advises taking the following actions:
1. Prepare and collect the following information and documents:
- Your loan number and property address
- Bank statements for the past two months or your most recent tax returns
- Recent income documents (e.g., pay stubs)
- List of your current expenses
- Brief explanation of your current financial circumstances warranting assistance
2. Call Bank of America today at 1-800-846-2222 and speak to a representative about your options.
For borrowers whose loans are being serviced by Bank of America/Countrywide, who are NOT currently in delinquency at default, Bank of America advises taking the following actions:
1. Visit http://makinghomeaffordable.gov to see if you are eligible for the Home Affordable Refinance portion of the Making Home Affordable Program.
2.If eligible, call 1-866-977-2941 and speak with a member of Bank of America’s home loans team to determine your next steps.
Homeownership Retention Dept.
275 S. Valencia Avenue
La Brea, CA 92823
For Mortgage help: 1-800-846-2222
For Home Equity help: 1-800-451-6362