Bank of America Mortgage Servicing: Your Guide to Contact, Payments, and More

If you’re a Bank of America mortgage holder, you need to understand how their servicing process works. This guide provides all the information you need to manage your mortgage, from making payments to getting help with your account.

Understanding Bank of America Mortgage Servicing

Bank of America is one of the largest mortgage lenders in the United States. They offer a range of mortgage products, including conventional loans, FHA loans, and VA loans. Once you’ve secured a mortgage with Bank of America, their servicing department takes over. This means they’re responsible for managing your loan, collecting payments, and handling any issues that may arise.

Key Features of Bank of America Mortgage Servicing

• Online account management: Access your account information, make payments, and manage your loan online.
• Multiple payment options: Make payments through their website, mobile app, by phone, or by mail.
• Customer support: Contact their customer service representatives via phone, email, or online chat.
• Loan modification options: Explore options if you’re facing financial difficulties and need to modify your loan terms.
• Foreclosure prevention assistance: Get help from Bank of America if you’re facing foreclosure.

Contacting Bank of America Mortgage Servicing

You can reach Bank of America mortgage servicing in several ways:

Phone Numbers:

• General customer service: 1-800-732-9191
• Mortgage payment inquiries: 1-800-732-9191
• Loan modification assistance: 1-800-685-2265
• Foreclosure prevention: 1-800-685-2265

Online Resources:

• Online account access: https://www.bankofamerica.com/mortgage/home-loans/
• Live chat support: Available on their website during business hours.
• Email: Contact their customer service team through the online form on their website.

Mail:

• Bank of America Mortgage Servicing
• P.O. Box 15154
• Charlotte, NC 28289-5154

Making Mortgage Payments

Bank of America offers a variety of ways to make your mortgage payments:

Online:

• Bank of America website: Log into your online account and make payments directly.
• Bank of America mobile app: Make payments through the convenient mobile app.

Phone:

• Call their customer service line at 1-800-732-9191 to make a payment.

Mail:

• Send a check or money order to the address listed on your mortgage statement.
• Ensure you include your loan number and account number.

Other Payment Options:

• Automatic payments: Set up automatic payments from your bank account.
• Bill pay: Utilize your bank’s bill pay service to make payments.
• Third-party payment processors: Utilize services like Zillow or Rocket Mortgage to make payments.

Managing Your Mortgage Account

Bank of America provides a comprehensive online platform for managing your mortgage account. Through their website and mobile app, you can:

• View your loan balance and payment history.
• Make payments and set up automatic payments.
• Access your mortgage documents, such as your loan agreement.
• Update your contact information.
• Communicate with Bank of America’s customer service team.

Understanding Your Mortgage Statement

Your monthly mortgage statement contains important information about your loan. Familiarize yourself with these key elements:

• Loan balance: The amount of principal you still owe.
• Interest rate: The annual interest rate on your loan.
• Monthly payment amount: The total amount due each month, including principal, interest, and property taxes.
• Payment due date: The date by which your payment must be received.
• Late payment fees: Charges incurred if you miss a payment deadline.

Handling Financial Difficulties

If you’re facing financial difficulties and struggling to make your mortgage payments, Bank of America offers resources to help:

Loan Modification Options:

• Refinance: Lower your interest rate or extend your loan term to reduce your monthly payments.
• Forbearance: Temporarily suspend or reduce your payments for a specific period.
• Loan modification: Adjust your loan terms, such as your interest rate, payment amount, or loan term.

Foreclosure Prevention:

Bank of America has a team dedicated to helping homeowners avoid foreclosure. They offer counseling, resources, and options to prevent the loss of your home.

• Counseling services: Get assistance from HUD-approved housing counselors.
• Foreclosure prevention programs: Explore options like forbearance, loan modification, or short sales.
• Legal assistance: Seek legal advice to understand your rights and options.

Important Tips for Managing Your Mortgage

• Pay on time: Avoid late payment fees and maintain a good credit score.
• Stay organized: Keep track of your mortgage documents, payments, and deadlines.
• Communicate with Bank of America: Reach out to their customer service team if you have questions or concerns.
• Explore options for financial difficulties: Don’t hesitate to contact Bank of America if you’re facing challenges.
• Review your mortgage statement: Regularly check your statement for accuracy and identify any potential issues.
• Take advantage of online tools: Utilize Bank of America’s online account management platform for convenience and efficiency.

Conclusion

Understanding Bank of America’s mortgage servicing process is crucial for managing your loan effectively. This guide provides comprehensive information on contacting their servicing department, making payments, managing your account, and addressing financial difficulties. By staying informed and proactive, you can ensure a smooth and successful mortgage experience.