Facing Foreclosure with Bank of America in New York? You Have More Time Than You Think — But Act Now.

Bank of America services hundreds of thousands of mortgages across New York. If BofA has started foreclosure proceedings — or if you're behind and trying to get ahead of it — the right move is to understand your options before the process gets further along.

What Bank of America Offers in Loss Mitigation

Bank of America's loss mitigation department handles several types of assistance:

Loan Modification — Bank of America participates in both proprietary programs and investor-specific modification options. Depending on who owns your loan (Fannie Mae, Freddie Mac, a private investor, or BofA itself), different programs and approval criteria apply. A loan mod can lower your rate, extend your term, or in some cases reduce your principal balance.

Short Sale (Cooperative Short Sale Program) — Bank of America has a structured short sale program that, in the right circumstances, moves relatively quickly compared to other servicers. For homeowners who cannot afford to keep the property, this is often the cleanest exit — avoiding foreclosure, protecting credit as much as possible, and sometimes providing relocation assistance.

Deed in Lieu of Foreclosure — In some cases, BofA will accept a voluntary transfer of the deed in exchange for canceling the debt. This is a last resort but an option worth exploring if other paths are closed.

The Bank of America File Review Process

One of the most common frustrations homeowners face with BofA is getting lost in their process — being transferred between departments, receiving duplicate document requests, or waiting weeks with no update. This is where having someone who knows the system matters.

We manage communication with BofA's loss mitigation team, track escalation contacts, and know when to push and when to wait.

How We Help New York Homeowners with Bank of America

  • Full situation review: we tell you upfront which option fits your case

  • Complete financial package preparation (correct the first time — no delays from missing docs)

  • Direct communication with BofA loss mitigation on your behalf

  • Coordination with licensed NY attorneys for any legal matters

  • No upfront fees — we are compensated at closing/resolution only

Real Outcomes for NY Homeowners

We have helped New York homeowners resolve situations with major servicers including loan modifications that allowed families to remain in their homes. While every case is different and no outcome is guaranteed, our clients in Queens, Brooklyn, Staten Island, the Bronx, and Manhattan have successfully navigated the loss mitigation process with our support.

Call (646) 600-5995 or submit below for a free consultation.

Results depend on lender, investor, and court approval. No guarantees of any specific outcome. ProForeclosure.com is not affiliated with or endorsed by Bank of America. We are not attorneys and do not provide legal advice. NY residents: free housing counseling available at 800-342-3736. No upfront fees per FTC MARS Rule. 3-day right to cancel per NY GBL §265-b.