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Service and Support

Our commitment to responsible lending means we have the solutions you need to be confident at every stage of homeownership. At Bank of America Home Loans, we’re here to help you understand all your options, so you have the support you need to be a successful homeowner.

Strategies for preventing foreclosure

Sometimes an unexpected crisis or hardship can impact your finances. By knowing where to turn for help and learning about what you can do, you can possibly avoid foreclosure and protect your home. Here are a few of the most important things you need to know:

  • If you need help, contact us immediately
    If you fall behind on your home loan payments, the sooner you contact us, the more options you may potentially have available, such as:
    • Temporarily delaying payments (also known as "Forbearance"). This is a formal arrangement that either suspends or reduces monthly payments until you recover from your financial setback.
    • Recovering from missed payments (also known as "Repayment Plan"). This is an agreement between you and your lender outlining how to handle missed payments.
    • Restructuring your loan (also known as "Modification"). This is a temporary or permanent change in one or more of your loan terms that generally reduces the monthly payment down to a more affordable amount, given your present financial situation.
    • Refinancing your home loan. This option pays off your old home loan with a new loan that has different terms more suited to your present circumstances, and is designed to establish a lower monthly payment amount than the original loan.
  • Consult your tax advisor before making decisions about your home loan
    You should also consult with your tax advisor prior to making any decisions to learn the potential tax implications and benefits associated with these options.
  • Prioritize your debt
    It's important that you strive to carry only a debt level you know you are capable of reasonably repaying in a timely manner. Meeting with a nonprofit credit counselor or financial planner could help you to determine a realistic debt level that will work for you.
  • Ask for payment assistance
    If your debt is beginning to mount, contact the companies and service providers to whom you pay your bills and obligations. Many utility companies have hardship assistance and related programs.