What are the best practices and tips for a successful permanent modification agreement with BofA?

1 Know the eligibility criteria

Before you apply for a PMA, you need to make sure you meet the eligibility criteria set by BofA and the investor or insurer of your loan. These may vary depending on your loan type, payment history, income, hardship reason, and other factors. You can check the general criteria on BofA's website or call their customer service to get more details. You also need to gather the required documents to prove your eligibility, such as income statements, tax returns, bank statements, and hardship letters.

2 Submit a complete and accurate application

Once you have the documents ready, you need to submit a complete and accurate application for a PMA to BofA. You can do this online, by mail, or by fax. Make sure you fill out all the fields correctly and attach all the supporting documents. You should also keep copies of everything you send and track the delivery confirmation. If you miss any information or make any errors, your application may be delayed or denied.

3 Stay in touch and follow up

After you submit your application, you need to stay in touch and follow up with BofA regularly. You should expect to receive a confirmation letter from BofA within 10 days, and a decision letter within 30 days. However, these timelines may vary depending on the volume of applications and the complexity of your case. You should call BofA at least once a week to check the status of your application and ask for any updates or clarifications. You should also respond promptly to any requests or notices from BofA and provide any additional documents or information they need.

4 Review the offer and sign the agreement

If your application is approved, you will receive an offer letter from BofA with the new terms of your loan. You should review the offer carefully and compare it with your current loan and your budget. You should also consult a HUD-approved housing counselor or a legal advisor if you have any questions or concerns. If you accept the offer, you need to sign the agreement and return it to BofA within the deadline specified in the letter. You should also keep a copy of the signed agreement for your records.

5 Make timely payments and comply with the terms

After you sign the agreement, you need to make timely payments and comply with the terms of your PMA. You should follow the payment schedule and amount indicated in the agreement and avoid any late or missed payments. You should also keep track of your loan balance, interest rate, escrow account, and fees. You should also notify BofA of any changes in your income, expenses, or contact information. If you fail to meet the obligations of your PMA, you may lose the benefits and face foreclosure.

6 Seek help and advice if needed

Getting a PMA with BofA can be a challenging and stressful process, but you don't have to do it alone. You can seek help and advice from various sources if you need assistance or guidance. You can contact BofA's customer service, loss mitigation department, or escalation team if you have any issues or complaints. You can also reach out to a HUD-approved housing counselor, a legal advisor, a nonprofit organization, or a trusted friend or family member if you need support or advocacy. Remember that you have rights and options as a homeowner and that a PMA is not the only solution for your situation.