Home Affordable Unemployment Program | Bank of America Loan Program
Are you unemployed and is seeking for job and still have a mortgage payment to pay? This might not be problem any more because Bank of America home affordable unemployment program helps your temporarily suspend your payment while your are searching for new job. The main goal of this program is to give its customers a period of suspended mortgage payments for up to 12 months while they are looking for work. If You’re struggling with your home loan payments because your income has been reduced then home affordable unemployment program is suitable for you.
Home Affordable Unemployment Program Eligibility:
- You must be currently unemployed.
- If you believe you will get your unemployment benefit within six month.
- If you’re behind on your mortgage payments, or believe you will be soon.
- If you’ve entered loan modification agreement under the Home Affordable Modification Program but are three or more payments past due.
- If you could not complete your Home Affordable Modification Program trial period then you’re eligible to apply for a home affordable unemployment program under Bank of America.
- If your home is your primary residence and you reside in the property.
- If the amount you owe on your first mortgage is equal to or less than:
- $729,750 for a single-family home
- $934,200 for a 2-unit property
- $1,129,250 for a 3-unit property
- $1,403,400 for a 4-unit property
- And if your current mortgage was taken out on or before January 1, 2009
Note: Make sure your mortgage isn’t guaranteed by Fannie Mae or Freddie Mac and also your home loan must not be Federal Housing Administration(FHA) or Veterans Affairs(VA) loan because they are not taking part in this program. You can call to the number below to make sure if your mortgage is owned or guaranteed by them or not:
For Fannie Mae: 1.800.7FANNIE (8 a.m. to 8 p.m. ET)
For Freddie Mac: 1.800.FREDDIE (8 a.m. to 8 p.m. ET)
For FHA or VA Loan: 1.800.669.6650
To get started with your Home Affordable Unemployment Program under Bank of America you must call at:
Mon-Thu 8 a.m.-midnight ET
Fri 8 a.m.-10 p.m. ET
Sat 8 a.m.-6 p.m. ET
Sun 3 p.m.-midnight ET
After you call, Bank of America, pair you with Customer Relationship Manager who will work with you throughout the loan assistance process and if you’re qualified for this program your mortgage payments will be suspended for a limited period or until you are re-employed, whichever comes first but this doesn’t means you don’t have to pay back the amount that was suspended. Under this program your payments that are suspended, not canceled can be paid back either by making a one-time payment for the full past due amount or through repayment plan, increasing the amount of your monthly mortgage payments until the full past due amount is repaid.