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.
