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Read
below to seeifyou
are
eligible
for
a
mortgagemodification
-
and
a
moreaffordable mortgage
payment.
lfso, send
us
your
information
to
apply today.
Christine Springer
PHOENIX,
AZ
85A22
Loan
Number:June
30,2010Dear
Christine Springer
:
You may
be
seeingand
hearing
a
lot
about mortgage modifications
as a
way to
make
yourmortgagepayments
more
affordable
andhelp
you
avoid
foreclosure.Modificationshaveprovided
relief
to manyhomeownersand,
as
yourmortgage servicer,
we
wantto
make
youaware
of
this option
so
you
can
determine
if
amodificationcould
beright
for
you.
You
may be
eligiblefor the
Home
Affordable
Modification Program,
an initiativesponsored
by the
federalgovernmentto helphomeowners who
are
finding
it
difficult to
make
theirmortgagepayment.
Under
thisprogram,
we
will
review
yourcunent financialsituationtodetermine
if
we can
help
you
modify
yourmortgage
to
give youa new, moreaffordablemortgagepayment.There areno
fees associatedwith
this
program,
Furthermore,youshould neverpay
a
fee
foramortgage modification
andyou
shouldbeware
of
any
personor
organizationthatasksyoutopay
a
fee forassistance
inmodifying
yourloan.BACHome LoansServicing,
LP is
yourmortgage servicer, and help
is
free from
us.Tobe eligiblefor
the
Home
Affordable Modification Program, homeowners
need
to meet certain criteria.
See
thequestionsbelow:
1.
lsyour
home
yourprimaryresidence?
Do
youcunently live
in
the home?
2.
ls
the amountyou
owe on
yourfirst mortgage
equal
toor
less
than$729,750for
a
single-family
home,
$934,200for
a
2unitproperty,$1,129,250
for
a 3 unitproperty
or
$1,403,400for
a
4 unitproperty?
3.
Areyou
having
trouble
paying
yourmortgage?
(For
example,
have
youhad
a
significant increase
in
yourmortgagepaymentOR reduction
in
your
income
OR otherhardshipthat hasimpactedyourincome?)
4.
Did
youobtainyourcunent mortgage
before
January
1,2009?
5,
ls
yourpayment
onyour
first mortgage(includingprincipal,interest, taxes,insurance and homeowner'sassociation dues,
if
applicable)
more
than 31%
of
yourcurrentgrossincome?
To
calculate this,divideyourfirst mortgagepayment
by
yourgrossincome(yourincome
before taxes).
lfyouanswered
"yes"
to all of thesequestions,weencourageyouto take the next step
and
apply
for
the
Home
AffordableModification Program today.
Todo
that,pleasesend
us the
financialdocuments listed
on
theenclosed checklist by
July
30,
2010.
We have included
a
pre-paidenvelope foryourconvenience.We wantyouto
know
that sending
us
yourfinancial informationhelps
us
determine
if
you
are eligiblefor
the
Home
AffordableModification Program.lt
in
no
way binds orobligatesyoutoparticipate
in
the
program.
In
order
to
expediteyourloan modificationprocess,BAC
Home
Loans Servicing,
LP is
working with
a
third
party
company, Home
RetentionServices,Inc.
Federal law
requires
that we communicate to
you
that Home
Retention Services, Inc
is
a licensed debtcollector.
However,
thepurpose
of
thecommunication
is
to
let
you
know
aboutyourpotentialeligibilityforthisloan modificationprogramthat may
help
you
bring
or
keep
your
loan
cunent through
more
affordable
payments.
Please
see
the
enclosed
insert
for importantdisclosuresfrom Home
Retention Services,
Inc.
For
generalinformation
about
thisprogram,
read
theenclosed
Frequently
AskedQuestionsandvisit
bankofamerica.com/mha
and
makinghomeaffordable.gov.
To
talk with one
of
our associates,pleasecall
1.877.422.1761
.
We want to
help
you,sopleaseconsider this
opportunity.
Home Retention
Division
BACHomeLoansServicing,
LP
Bankof Anrsrica
W
Hsm*
Lssffin
P.S.
For
your
convenience,
and
to
ensure
you
receive
all required
prognm
documents
in
a
timely manner,
this
package
may
be
senf
via
multiple
delivery
methodsand
to
all
addresses
on
flle with
us.
lf
you
receive
multiple
packages
that are
identical,youonly
need to
return
one
complete
package
with
all required documents
to
us,
Enclosures:(1)
Frequently
AskedQuestions,(2)Checklist,(3)
Request
for Modification
and
Affidavit,(4)IRS
Form
4506-T,(5)lmportant Disclosures,(6)Pre-paid retumenvelope
Lrds
f;s0
FrequentlyAskedQuestionsabout
the
Home
AffordableModification
Program
Q.
What
is
the
Home
Affordable ModificationProgram?
The
Home
AffordableModificationProgram,
partof
theMaking
Home
Affordable
Program
announced
by the
federalgovernment,
is
designedto help homeownerswho are
having
difficulty
making
theirpayments
by
modifying
loans
to
alevel
that
is
affordableforbonowers
now
and sustainableover the
long
term.
To learn moreabout the
Home
AffordableModificationProgram,
visit
bankofamerica.com/mha
or
makinghomeaffordable.gov.
Q.How
does theprogram
work?
lf
youanswered
"yes"to the
fivequestions
on the
firstpage
of
this
lefter,
you
mayqualifyfor
the
Home
AffordableModificationProgram.
To
apply, send
us the
financial documentsrequested
on
the enclosed checklist.
Once
we
receive all of
yourdocuments,
we
will validateyourinformationand checkyoureligibility.You can expectto hear
back
from
us
within
10
businessdays.
lf
you
qualify
for
theprogram,
you
will
entera
three month TrialPeriod
Plan
whereyouwill make
a
monthly trialperiod
paymentfor
three
months.Making allof
yourpayments
during
thistrial
period
willdemonstratethatyoucan
afford
the modifiedpaymentsand
that
theyworkwithinyour
budget. You
willreceive
a
permanentmodification
if
yousuccessfully
make all of
yourTrialPeriod
Plan
payments
and
you
arenotified
in
writing thatyourmodificationhas
been
approved.Q.
lf
I
qualify,
how
will
my
mortgage
be
modified?
The modification may
involve
some or
all ofthe
following changestoyour
mortgage:
.
Adding
past
due amounts
tothe
existing balance ofyourmortgage, as
permitted
.
Reducing theinterest
rate on
your
loan
.
Extendingthe
term
of
your
loan
Delayingyourrepayment
ofa
portion
of
the mortgageprincipal
until
theend
of
the
loantermQ.
Will
a
foreclosure
occur
if
I
participate
in
the
Home
AffordableModification Program?
As long
as
you
comply
with
the
terms
ofthe
Trial Period
Plan, we
will
notstart
foreclosure
proceedings.
lf
foreclosureproceedings
have
already started,
we
will
not
conduct
a
foreclosure sale
as
long
as
you
comply
with
the
terms
of the
Trial Period
Plan.
lf
youdo
notcomply
with
the
terms
of the
Trial Period
Plan
anddo
not
workwith
us to
find
other
foreclosurepreventionalternatives
for
which
youmay
qualiff,
your
loan
will
be
serviced accordingto
its original
terms,whichcould
include
foreclosure.
lf
foreclosureproceedingsstarted
priorto
youentering
into
the
Home
Affordable Modification
Program
TrialPeriod
Plan,you
will
need
to continueto respond
to
all
notices
while
inthe
Trial
Period,
Notrespondingto
any
foreclosure
notice
could affectyourlegal
rights.
Q.
lf
I
get
a Home
AffordableModification, can
my
modified loan terms everrevert to the
original
loan
terms?
No.
This
is
one
of
theadvantages
of
the
Home
AffordableModification Program.
Once
yourloan
ismodified,
the
new
termsstay
in
placefor
the
remainder
ofyour
loan.Q.
Will
my
creditscore
be
affected
by
accepting
a
trial
periodplanor loan modification?
Staying current
on
yourpayments
is
the
best
way to
maintain
yourcredit score.However,
if
you
need
to enterinto amodification,yourcredit scoremay be negativelyimpacted.Your
loan
will
be
reported aspayingunder
a
partial paymentplan
during
thetrialplan,and
as
modified
after the
finalmodificationagreement.
Credit
scores
are
determined
by
the credit bureausand
not
controlleddirectlyby
Bankof
America
beyond our
commitment to accurately
reportthe
status
of all
our customers.Visitftc.gov/bcp/edu/pubs/consumer/credit/cre24.shtmfor more information aboutyourcredit
score.Q.
lf
my home loanispermanentlymodified,
will
youwaiveanyunpaid
late
charges?
Yes
i*ru4*?&8
Q.Arethere additionalresourceswhere
I
can
find
informationaboutthe
Home
AffordableModificationprogram?Callthe
Homeowner's
HOPETM
Hotlineat 1.888.995.HOPE(4673).This
Hotline
can
help
withquestions
about
theprogramand offersaccess
to
free HUD-certifiedcounselingservicesin
English
and
Spanish.
,.
I
Q.What
if
I
am aware
of fraud,waste,mismanagementormisrepresentationsaffiliated
with
theTroubledAsset ReliefProgram?
Please
contact
slcrARP
at
1.877.s1G.2009
(tott-free),202.622.4ss9
(fax),or
sigtarp.gov.
Mail
can
be sent
to:
Hotline
Office
of
theSpeciallnspectorGeneral for TroubledAssetReliefProgram,
1801L
Street
NW,
Washington,DC 20220.
.jdr**-.*.*6ry,.!.tT$
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p{*P'X
t4*ti$r*#
IMPORTANT
NOTICE
TO
HELP
YOU AVOIDFORECLOSURESCAMS
Bewareof
foreclosure
rescuoscams.
Help is free
fromyourmortgageservicer,
BAGHome
LoansServicing, Lp.
.
Thisprogram
isonlyavailable toyou
through BACHome
Loans
Servicing,
LP.
.
There
is never
a
fee
to
get
assistance
or
information
about
the
Home
AffordableModification
Program
from
yourmortgage
servicer
or a
housingcounselor approved
by
the U.S. Departmentof
HousingandUrban
Development
(HUD).To
find a HUD-approvedcounselor,visithud.gov/offices/hsg/sfh/hcc/fcl.
'
Bewareof
any
personor
organization thatasks
you
to
paya
fee
inexchange
forhousing
counselingservlces
or modification
of a
delinquent
loan.
.
Beware ofanyone
whosays
they
can
"save"
your
homeifyou
sign
or
transfer
over
the
deed to
yourhouse.
Do not
sign
overthe deed to
your
propertyto
any organizationorindividual
unless
you
are
working
directly
withBACHome
Loans
Servicing,
LP
to
forgive
yourdebt.
.
Never makeyour
mortgage
paymentsto
anyone
other
thanBAC
Home
LoansServicing,
LP
without
our approval.
$_"ltit*
Ssfi
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