Are you facing foreclosure? Is your mortgage arrears? If Bank of America is the servicer, then you may be able stop the foreclosure process and to seek out the help of its loss mitigation department. This department exists to mitigate the bank’s loss by avoiding and opening channels of discussion. Do foreclosures occur? Foreclosure is a legal process which allows a lender to sell the house on which there exists a lien as well as the owner is unable to pay the loan back. Contacting foreclosure department or the loss mitigation of the bank can stops the process. The reason is the inability or delinquency.

Two reasons are there to foreclose on your house selling your house without violating the conditions of your loan documents and settling. Foreclosure is an option for the homeowner as well as the lender? For a number of reasons, although the lender and the homeowner wish to avoid foreclosure. Whilst bear the cost of proceedings and the lender doesn’t wish to pay fees, the homeowner doesn’t need the credit report. If a foreclosure happens, you won’t be capable to borrow again for at least a couple of years. This is why Bank of America has placed a reduction mitigation or forced department that may offer a wide range of choices for the borrowers to prevent a foreclosure.

There is a way to prevent foreclosure in Bank of America? You Will Need to contact Bank of America foreclosure section for a wide range of mortgage loan assistance options. You might be capable to find an appropriate option dependant upon the current financial situation and also the stage of the mortgage default. To pick one, you must decide whether you would like to continue living in the house or leave it and also move to a different location.

If you wish to stay in your home – Refinancing – Forbearance – Mortgage Modification – Unemployment Assistance – If that you prefer to leave the house – Short Sale – Deed Lieu – There is a way to stop foreclosure if it’s already begun? In case you’ve received a foreclosure notice, Bank of America still permits you to call its foreclosure section as quickly as possible and negotiate a settlement. The bank won’t advance the foreclosure proceedings so long as your loan is being reviewed with its loss mitigation department. There’s very little chance that a foreclosure sale occurs and you lose your home whilst the bank is evaluating your request for a loan assistance program.