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} } @media screen and (min-width:643px) { .masthead--C { background-image: url(/assets/images/lead-in.jpg); } } </style> <section id="masthead" class="section masthead masthead--C" > <div class="section__wrapper masthead__wrapper"> <div class="masthead__section"> <h1 class="masthead__heading">Home Loan Assistance Glossary</h1> <p class="masthead__copy">Home loan assistance terms in simple language</p> </div> </div> </section><div class="call-block glossary" data-action="callUsRightBlock"> <div class="call-block__wrapper"> <h2 class="call-block__heading">Call us</h2> <div class="call-block__info-container"> <p class="call-block__phone--desktop">800.669.6650</p> <a href="tel:1800.669.6650" class="call-block__phone--mobile">800.669.6650</a> <span class="call-block__workinghours">Monday through Friday<br/>8 a.m.– 8 p.m. Eastern</span> <p class="call-block__availability">Help is available in English,<br/><a href="/es/glossary.html" id="spanish_callblock_banner">Spanish</a>, and many other languages.</p> </div> </div> </div> <div class="glossary" data-action="glossary"> <div class="glossary__header"> <div class="glossary__control"> <a href="#" class="glossary__tab glossary__tab--current js-groupone-control" data-tab="groupOne" id="A-E"> A-E </a> </div> <div class="glossary__control"> <a href="#" class="glossary__tab js-grouptwo-control" data-tab="groupTwo" id="F-K"> F-K </a> </div> <div class="glossary__control"> <a href="#" class="glossary__tab js-groupthree-control" data-tab="groupThree" id="L-R"> L-R </a> </div> <div class="glossary__control"> <a href="#" class="glossary__tab js-groupfour-control" data-tab="groupFour" id="S-Z"> S-Z </a> </div> </div> <div class="glossary__body"> <div class="glossary__group glossary__group--one glossary__group--active" id="groupOne"> <h3 class="glossary__section"> A </h3> <div class="glossary__item"> <h3 class="glossary__title"> Appraisal or Appraised Value </h3> <p class="glossary__copy"> The professional opinion of a licensed and independent Appraiser about the value of your home. The Appraiser visits the home, evaluates its interior and exterior condition, and compares the property to other homes recently sold in the area. </p> </div> <h3 class="glossary__section"> C </h3> <div class="glossary__item"> <h3 class="glossary__title"> Capitalization </h3> <p class="glossary__copy"> Used to bring a loan in default current by adding delinquent and unpaid interest, fees and/or escrow advances to the unpaid balance of the loan. </p> </div> <div class="glossary__item"> <h3 class="glossary__title"> Cash Contribution </h3> <p class="glossary__copy"> Depending upon your financial situation and at the investor's discretion, a cash contribution or promissory note for future payment may be requested. A contribution does not always imply that the remaining deficiency will be waived. </p> </div> <div class="glossary__item"> <h3 class="glossary__title"> Clear Title </h3> <p class="glossary__copy"> A title that is marketable and free of liens or legal questions regarding ownership of the property. </p> </div> <h3 class="glossary__section"> D </h3> <div class="glossary__item"> <h3 class="glossary__title"> Deed in Lieu of Foreclosure or Deed in Lieu </h3> <p class="glossary__copy"> Used as an alternative to foreclosure, a deed in lieu of foreclosure is used to sign over the title to the property to the lender because the mortgage payments cannot be made. May also be referred to as deed in lieu or 'voluntary conveyance.' A deed in lieu of foreclosure will have a negative impact on your credit. </p> </div> <div class="glossary__item"> <h3 class="glossary__title"> Default </h3> <p class="glossary__copy"> If you are unable to keep payments up to date or meet the other terms of the loan outlined in your mortgage loan documents, the loan is considered to be in default. </p> </div> <div class="glossary__item"> <h3 class="glossary__title"> Deferral (also known as Forbearance) </h3> <p class="glossary__copy"> A postponement of home loan payments for a set period of time. Interest will still accrue but those payments can be deferred for an agreed-upon number of months. After that is over, the lender will develop a repayment plan to make the regularly scheduled mortgage payments while catching up on the deferred payments. </p> </div> <div class="glossary__item"> <h3 class="glossary__title"> Delinquent </h3> <p class="glossary__copy"> Failure to make payments on time. </p> </div> <h3 class="glossary__section"> E </h3> <div class="glossary__item"> <h3 class="glossary__title"> Escrow </h3> <p class="glossary__copy"> This is where the lender collects part of the mortgage payment in a special account to pay taxes and insurance premiums when they become due. The amount in this account is based on the estimated amount necessary to pay these obligations each year. </p> </div> <div class="glossary__item"> <h3 class="glossary__title"> Extension </h3> <p class="glossary__copy"> If you’re experiencing a temporary hardship and are less than 90 days behind on home loan payments, you may be eligible for an extension. The lender will suspend a number of home loan payments for a period of time and add those payments to the back end of the loan – extending the length of the loan term. To be considered for an extension, proof of the ability to make future payments will be required. </p> </div> </div> <div class="glossary__group glossary__group--two" id="groupTwo"> <h3 class="glossary__section"> F </h3> <div class="glossary__item"> <h3 class="glossary__title"> Fair Market Value (FMV) </h3> <p class="glossary__copy"> The likely selling price of a home between a willing buyer and seller on the open market. The fair market value is usually determined by an Appraiser for a new mortgage or home equity loan. For a short sale, a specialist works on behalf of the investor to get the best possible fair market value. </p> </div> <div class="glossary__item"> <h3 class="glossary__title"> Forbearance </h3> <p class="glossary__copy"> A temporary agreement between you and the lender to postpone loan payments for a set period of time during a temporary hardship. At the end of the postponement, overdue payments can be paid all at once, the past due amount can be added to the back-end of the mortgage, or increase the monthly mortgage payments until the past due amount is repaid. </p> </div> <div class="glossary__item"> <h3 class="glossary__title"> Foreclosure </h3> <p class="glossary__copy"> A legal procedure where a lender sells a property securing a mortgage loan at a public auction or sale to repay a borrower's defaulted loan. Foreclosure proceedings typically begin after no payments are made for 60 days or more. If there are no successful third party bidders at the foreclosure auction, title to the property will be transferred to the lender, which may then market and sell the property (known as an REO property) to recover its losses on the loan. </p> </div> <h3 class="glossary__section"> H </h3> <div class="glossary__item"> <h3 class="glossary__title"> Home Retention </h3> <p class="glossary__copy"> Keeping the home in the face of foreclosure is home retention. Home retention options generally involve loan modifications, forbearance, and repayment plans. Asking for home retention help when struggling to make mortgage payments is the best strategy to try to keep the home. </p> </div> <h3 class="glossary__section"> I </h3> <div class="glossary__item"> <h3 class="glossary__title"> Imminent Default </h3> <p class="glossary__copy"> When a borrower is current on the mortgage loan but is at risk of not being able to continue paying the monthly home loan payments due to financial hardship. </p> </div> <div class="glossary__item"> <h3 class="glossary__title"> Investor </h3> <p class="glossary__copy"> The person or institution that owns the mortgages or mortgage-backed securities, provides the funds the homeowner borrows to purchase a property. Many loans have multiple investors, and each investor can set different policies regarding available remedies for loans in default. </p> </div> </div> <div class="glossary__group glossary__group--three" id="groupThree"> <h3 class="glossary__section"> L </h3> <div class="glossary__item"> <h3 class="glossary__title"> Lien </h3> <p class="glossary__copy"> The legal claim a creditor has to a property that is used as collateral or security for repayment of a debt. All outstanding liens must be paid before ownership of a property can be transferred from one party to another. </p> </div> <div class="glossary__item"> <h3 class="glossary__title"> Loan Modification </h3> <p class="glossary__copy"> A change to the original terms of a loan. These could include lowering the interest rate, extending the term or maturity date of the loan, moving from an adjustable to a fixed-rate loan, deferring some portion of the unpaid principal balance to the end of the loan, and/or forgiving some portion of the unpaid principal balance. </p> </div> <h3 class="glossary__section"> P </h3> <div class="glossary__item"> <h3 class="glossary__title"> Partial Claim </h3> <p class="glossary__copy"> A no-interest loan given by a lender on an FHA-insured loan to pay back any missing or partial mortgage payments and default-related fees and reinstate the loan. This involves a new note and mortgage/deed of trust. This is a one-time only loan. The partial claim loan is paid back when your mortgage loan is paid off or when your FHA insurance is cancelled. </p> </div> <h3 class="glossary__section"> R </h3> <div class="glossary__item"> <h3 class="glossary__title"> Redemption Period </h3> <p class="glossary__copy"> After foreclosure sale of a home in certain states where a homeowner cannot be removed or evicted from the home. This provides the homeowner additional time to pay off the loan in full to avoid foreclosure. </p> </div> <div class="glossary__item"> <h3 class="glossary__title"> Repayment Plan </h3> <p class="glossary__copy"> If behind on payments, the lender may agree to a repayment plan that allows regular scheduled mortgage payments to be made, plus pay off a portion of the past due amounts over time. </p> </div> </div> <div class="glossary__group glossary__group--four" id="groupFour"> <h3 class="glossary__section"> S </h3> <div class="glossary__item"> <h3 class="glossary__title"> Second Mortgage / Second Lien </h3> <p class="glossary__copy"> The traditional term for a home equity loan or line of credit because it is generally not the first or primary lien on the title, which usually is made to purchase the home. </p> </div> <div class="glossary__item"> <h3 class="glossary__title"> Short Sale </h3> <p class="glossary__copy"> If the mortgage payments are no longer affordable and the house is worth less than what is owed, you can sell your house at the current fair market value. Because the proceeds from the sale may not pay off all that’s owed, the investor or owner of the loan must approve the sale. When selling, the goal is for an amount greater than any and all outstanding liens against the property. You may still be responsible for any deficiency still owed to the lender. </p> </div> <h3 class="glossary__section"> T </h3> <div class="glossary__item"> <h3 class="glossary__title"> Tax Information Form (IRS Form 4506-C) </h3> <p class="glossary__copy"> This form allows an individual, or an outside third party such as your bank, to verify tax information reported on a federal income tax return for one or more years. IRS Form 4506-C adds convenience by giving you one piece of paper to sign and return as opposed to collecting years of tax documents, making copies and sending those in. </p> </div> <div class="glossary__item"> <h3 class="glossary__title"> Temporary Hardship </h3> <p class="glossary__copy"> A situation where you experience a loss of income but the circumstances have an end in sight, such as a natural disaster, job loss, or medical condition that temporarily prevents you from working. </p> </div> </div> </div> </div> <section id="call-us" class="section call-us call-us--blue-bg" data-action="callUs"> <div class="section__wrapper"> <h2 class="call-us__heading">Call us</h2> <div class="call-us__info-container"> <p class="call-us__phone--desktop">800.669.6650</p> <a href="tel:1800.669.6650" class="call-us__phone--mobile">800.669.6650</a> <span class="call-us__workinghours">Monday through Friday<br/>8 a.m. – 8 p.m. Eastern</span> <p class="call-us__availability">Help is available in English, <a href="/es/glossary.html" id="spanish_blue_banner">Spanish</a> and many other languages.</p> </div> </div> </section> <footer class="section footer not-modal"> <div class="section__wrapper footer__wrapper"> <div class="footer__boalogo"> <a id="Footer_Logo" target="_blank" rel="noopener noreferrer" href="https://www.bankofamerica.com"> <img src="/global/assets/images/logo-bac-horiz-1.0.0.svg" role="img" alt="Bank of America" /> </a> </div> <div class="footer__bottom"> <ul> <li> <svg class="footer__lock" aria-hidden="true" focusable="false" xmlns="https://www.w3.org/2000/svg" viewBox="0 0 11 12"><title>lock</title><path d="M0,5.51H11V12H0ZM4.13,4.05S3.78,2.11,5.5,2.11,6.88,4.05,6.88,4.05H9.63A4,4,0,0,0,5.7,0H5.5A4,4,0,0,0,1.38,3.85q0,.1,0,.2Z"/></svg> </li> <li> <a id="Footer_Privacy" href="https://www.bankofamerica.com/security-center/privacy-overview/" target="_blank" rel="noopener noreferrer">Privacy</a> </li> <li> <a id="Footer_Security" href="https://www.bankofamerica.com/security-center/overview/" target="_blank" rel="noopener noreferrer">Security</a> </li> <li> <a id="Footer_AdPractices" href="#" aria-label="Advertising Practices opens in a modal dialogue" class="show__modal">Advertising Practices</a> </li> <li> <a id="Footer_OneTrust" href="javascript:void(0);" aria-label="Your Privacy Choices opens in a modal dialogue" class="ot-sdk-show-settings footer__cookie"></a> </li> </ul> <p> Bank of America, N.A. 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You may also visit the individual sites for additional information on their data and privacy practices and opt-out options.</p> <p>To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the <a href="https://www.bankofamerica.com/privacy/online-privacy-notice.go" target="_blank" rel="noopener noreferrer">Bank of America Online Privacy Notice</a> and our <a href="https://www.bankofamerica.com/privacy/faq/online-privacy-faq.go" target="_blank" rel="noopener noreferrer">Online Privacy FAQs</a>.</p> </div> </div> </dialog> <div id="modal" class="modal" role="dialog" aria-modal="true" tabindex="-1" aria-hidden="true" data-action="modal"> <div class="modal__overlay"></div> <div class="modal__content trap" role="document"> <div class="modal__nav"> <button id="Modal_Close" class="modal__close close t-track-close" data-modal-action="close" aria-label="Close Dialog Popup"><span aria-hidden="true">×</span></button> </div> <div class="modal__body--wrapper"> <div id="modal__qdd" class="modal__body modal__body--qdd modal__align--center" style="max-width: 530px"> <h3 id="modalTitle__qdd" class="modal__title">Qualifying direct deposit</h3> <p>A qualifying direct deposit is a recurring direct deposit of a paycheck, pension, Social Security or other eligible regular monthly income, electronically deposited by an employer or an outside agency into your new checking account. Please note, this does not include a transfer done via ATM, online, or teller, or a transfer from a bank or brokerage account, Merrill Edge® or Merrill Lynch® account.</p> </div> <div id="modal__qp" class="modal__body modal__body--qp" style="max-width: 530px"> <h3 id="modalTitle__qp" class="modal__title">Qualifying purchase</h3> <p>A qualifying debit card purchase is any purchase of goods or services made in store, by telephone or online using the debit card and/or debit card number associated with the new checking account that qualified for the $150 bonus. Purchases will be qualified based on the day the purchase posts to your new account. Purchases include any payments made using your debit card number but do not include ATM transactions (such as withdrawals).</p> <p>This is the second paragraph</p> </div> <div id="modal__corechecking" class="modal__body modal__body--corechecking fancy modal__align--center" > <h3 id="modalTitle__corechecking" class="modal__title">Bank of America Core Checking®</h3> <div id="modalSubtitle__corechecking" class="modal__subtitle"><span class='text--regalRed'><strong>No monthly maintenance fee</strong> for each statement cycle that you:</span></div> <p>Have at least one Qualifying Direct Deposit of <strong>$250</strong></p> <p><span class='ornament'>or</span></p> <p>Maintain a minimum <strong>daily balance</strong> of $1,500 or more</p> <p><strong>Students under age 24</strong> are eligible to have this fee waived while <br />enrolled in high school, college or a vocational program.</p> <p><strong>Preferred Rewards clients</strong> get this fee waived.</p> <p><span class='text--regalRed'>Or pay <strong>$12</strong>/month</span></p> </div> <div id="modal__interestchecking" class="modal__body modal__body--interestchecking fancy modal__align--center" > <h3 id="modalTitle__interestchecking" class="modal__title">Bank of America Interest Checking®</h3> <div id="modalSubtitle__interestchecking" class="modal__subtitle"><span class='text--regalRed'><strong>No monthly maintenance fee</strong> for each statement cycle that you:</span></div> <p>Maintain a combined balance* of at least <strong>$10,000 or more</strong></p> <p><span class='text--regalRed'>*Combined balances include:</span><br />The average daily balance in eligible linked checking<br />and savings accounts for the statement cycle</p> <p><span class='ornament'>AND</span></p> <p>The current balances in linked personal CDs and IRAs <br /> at the end of the Interest Checking statement cycle</p> <p><span class='ornament'>AND</span></p> <p>The current balance (2 business days before the end of the Interest Checking statement cycle)<br />in your eligible linked Merrill Edge® and Merrill Lynch® investment accounts</p> <p><strong>Preferred Rewards clients</strong> get this fee waived.</p> <p><span class='text--regalRed'>Or pay <strong>$25</strong>/month</span></p> </div> <div id="modal__rewardssavings" class="modal__body modal__body--rewardssavings fancy modal__align--center" > <h3 id="modalTitle__rewardssavings" class="modal__title">Bank of America® Rewards Savings</h3> <div id="modalSubtitle__rewardssavings" class="modal__subtitle"><span class='text--regalRed'><strong>No monthly maintenance fee</strong> for each statement cycle that you:</span></div> <p>Maintain a minimum daily balance of <strong>at least $500</strong></p> <p><span class='ornament'>or</span></p> <p><strong>Link your Bank of America Interest Checking® account</strong> to your Rewards Savings account <br />(waiver applies to first 4 savings accounts)</p> <p><span class='ornament'>or</span></p> <p>When you are a Bank of America <strong>Preferred Rewards client</strong> <br />(waiver applies to first 4 checking and savings accounts)</p> <p><span class='text--regalRed'>Or pay <strong>$8</strong>/month</span></p> </div> <div id="modal__exit" class="modal__body modal__body--exit exit modal__align--left" style="max-width: 530px"> <h3 id="modalTitle__exit" class="modal__title">Important Notice</h3> <div id="modalSubtitle__exit" class="modal__subtitle">You're continuing to another website</div> <p>You're continuing to another website that Bank of America doesn't own or operate. Its owner is solely responsible for the website's content, offerings and level of security, so please refer to the website's posted privacy policy and terms of use.</p> <p><span class="mobile-only"><strong>Continue?</strong></span></p> <div class="modal__links align--left"> <a id="Modal_Continue" class="cta cta--blue modal-exit--continue js-modal--continue t-track-exit" href="#" ><span class="cta--mobile">Yes</span><span class="cta--desktop">Continue</span></a> <a id="Modal_Cancel" class="cta cta--gray cta--cancel modal-exit--cancel js-modal--close close" href="#" ><span class="cta--mobile">No</span><span class="cta--desktop">Cancel</span></a> </div> </div> <div id="modal__exit-lang" class="modal__body modal__body--exit-lang exit modal__align--left" style="max-width: 530px"> <h3 id="modalTitle__exit-lang" class="modal__title">Aviso Importante</h3> <div id="modalSubtitle__exit-lang" class="modal__subtitle">Va a ir a una página que podría estar en inglés</div> <p>Es posible que el contenido, las solicitudes y los documentos asociados con los productos y servicios específicos en esa página estén disponibles solo en inglés. Antes de escoger un producto o servicio, asegúrese de haber leído y entendido todos los términos y condiciones provistos.</p> <p><span class="mobile-only"><strong>Desea continuar?</strong></span></p> <div class="modal__links align--left"> <a id="Modal_Continue" class="cta cta--blue modal-exit--continue js-modal--continue t-track-exit" href="#" ><span class="cta--mobile">Si</span><span class="cta--desktop">Continuar</span></a> <a id="Modal_Cancel" class="cta cta--gray cta--cancel modal-exit--cancel js-modal--close close" href="#" ><span class="cta--mobile">No</span><span class="cta--desktop">Cancelar</span></a> </div> </div> <div id="modal__exit-es" class="modal__body modal__body--exit-es exit modal__align--left" style="max-width: 530px"> <h3 id="modalTitle__exit-es" class="modal__title">Aviso Importante</h3> <div id="modalSubtitle__exit-es" class="modal__subtitle">Va a ir a otro sitio web</div> <p>Está a punto de entrar a un sitio web cuya propiedad o administración no pertenecen a Bank of America. El propietario del sitio es el único responsable del contenido, los productos y servicios ofrecidos, y el nivel de seguridad del sitio web, por lo que debe consultar la política de privacidad y los términos de uso publicados en el sitio. <strong>Es posible que la informacíon proporcionada en el sitio web esté disponible solo en inglés.</strong></p> <p><span class="mobile-only"><strong>Desea continuar?</strong></span></p> <div class="modal__links align--left"> <a id="Modal_Continue" class="cta cta--blue modal-exit--continue js-modal--continue t-track-exit" href="#" ><span class="cta--mobile">Si</span><span class="cta--desktop">Continuar</span></a> <a id="Modal_Cancel" class="cta cta--gray cta--cancel modal-exit--cancel js-modal--close close" href="#" ><span class="cta--mobile">No</span><span class="cta--desktop">Cancelar</span></a> </div> </div> </div> </div> </div> </div> <script src="/assets/scripts/main.js"></script> </body> </html>