Home loan division of Bank of America allows a home loan borrower to select loss mitigation options in addition to Short Sale, Mortgage Release, or Deed In Lieu. However, the loan borrower must submit duly filled Bank of America Borrower Election Form with the home loan division.
This form also is a declaration that the borrower not interested in loan modification at the time of submitting this election form. Bank of America looks forward to providing complete assistance to the borrower to avoid selling the house and keep it. Please read declaration options 1 through 7 carefully before signing and filing this borrower election form provided by Bank of America.
Each borrower and co-borrower of the home loan must date and sign on separate lines. Notarization of signatures on the form and identities of the borrower and co-borrower/s is not necessary. This initiative of Bank of America to reduce mortgage delinquency offers various options to the borrower. You as a borrower have the choice to add your preferred real estate professional during the short sale. However, please discuss with your customer relationship manager for all available options prior to selecting the final mode of reducing mortgage delinquency in the most appropriate and acceptable manner.
- Please discuss with your customer relationship manager along with all co-borrowers to find out available options for you.
- Find out the requirements of the additional paperwork beforehand and keep the originals and copies ready prior to filling Bank of America Borrower Election Form.
- You and your authorized agent both are capable of initializing the process.
- You are in an important phase in case you are going through any part of the foreclosure process. Therefore, understand this process and the system requirements prior to proceeding.
- Please select the most appropriate option offered by the Bank of America for an acceptable solution to mortgage delinquency.
How To Prepare Bank Of America Borrower Election Form
- Enter your loan account number on the foremost line of the Bank of America Borrower Election Form.
- Please enter detailed property address in the desired format starting from street address, name of the city and state along with zip code in the space provided for the same.
- You enter date, your printed name, and signature on the respective lines as the principal borrower.
- Please request each co-borrower to enter the printed name, date, and sign on the Bank of America Borrower Election Form. Each co-borrower must use separate lines to sign and enter the required details like printed name and date.
- File duly completed Bank of America Borrower Election Form with the customer relationship manager for the further processing.