|Bank of America deed in Lieu provides the borrowers, who are unable to payback their mortgages due to any financial hardships, an option of avoiding the foreclosure and settling the mortgage, by making a voluntary transfer of the property ownership to the lender so as to satisfy the total due amount of the mortgage. The bank of America deed in lieu department thus provides an alternative solution of settling the foreclosure by transferring the ownership of the property while not letting it get sold publicly or auctioned. The program may also the borrower to regain the credit worthiness while avoiding its delay due to foreclosure.
A customer is eligible for a deed in lieu of foreclosure if he or she is going through any financial hardships such as job loss, divorce, medical emergency etc. or if someone is unable to afford his or her current mortgage payment, or in case a person loses the affordability of his or her mortgage modification program.
Bank of America deed in Lieu Application
The begin with the process of Bank of America deed in Lieu Application filing, one has to first get himself or herself verified for the eligibility of going through the procedure. Once verified, the customer has t provide the bank with the details like address of the property, loan number, and any foreclosure received earlier. Customers may also require providing loan modification details if applied for as well as a letter explaining the current financial details and hardships that the customer is going through.
Once the customer gets approved of the bank of America deed in lieu process, the bank sends the customer a letter outlining the requirements, conditions along with the documents that one needs to sign and return to the bank. The final documents consist of the details of the decision of signing the property so as to satisfy the due amount on the mortgage. A deed in lieu effectively ends a person’s home loan in a hassle free way.
Bank of America deed in Lieu Contact Number
Customers can contact the Bank of America deed in Lieu Contact Number for any sort of deficiency or complaints of foreclosure by calling on to the bank’s deed in lieu department phone number 1.877.430.3411, from Monday to Friday, between 7am to 10pm and on Saturdays, 9 am to 5 pm.