BB&T Mortgage Assistance

In the aftermath of the Civil War, Alpheus Branch founded  Branch Banking and Trust Company in eastern North Carolina. Since 1872 BB&T has grown to become the 14th largest financial-holding company in the U.S. It has $152.4 billion in assets and operates more than 1,500 branches in 11 states and Washington, DC with 29,000 employees.

To contact the bank call 1-800-BANK-BBT (1-800-226-5228), 24 hours a day, 7 days a week. For the Mortgage Servicing Center call 1-800-295-5744.

Branch Banking and Trust Company has committed itself to working with theObama Homeowner Affordability and Stability Plan for borrowers who are having trouble making their mortgage payments.

BB&T reminds its borrowers that to be considered for the refinance option:

  • The loan must be a conforming loan meeting Fannie Mae or Freddie Mac guidelines.
  • In the past 12 months, a borrower may not have been more than 30 days late.
  • As of July 1, 2009 the mortgage can’t exceed the home’s value by more than 25% (125% Loan-to-Value Ratio or LTV)

For the Obama plan’s refinance option:

  • Borrowers must show hardship such as an ARM reset, an income reduction or increase in expenses.
  • The home must be the borrower’s primary residence.
  • The loan must be eligible under the conforming loan limit.
  • The mortgage began before January 1, 2009.

BB&T does present an online form borrowers can fill out to determine eligibility under the Obama program.

BB&T asks for patience on the part of its borrowers given the number of customer inquiries regarding the program.

For borrowers who don’t qualify under the Obama Plan, contact BB&T to discuss other refinancing or loan modification options.

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