America Bankruptcy refers to a financial stage when a debtor is unable to repay debts, thus stopping creditors legally to pursue their debtors for the amount they owe. The term ‘bankruptcy’ is used more commonly for businesses and commercial properties whereas for residential properties the word ‘foreclosure’ is used more often. Technically speaking, both have the same meaning and imply same legal consequences. The creditors get the right to seize the property of debtors and sell it off to make for the loss in a typical bankruptcy or foreclosure situation. The process could be either a judicial or a non-judicial one depending upon the law of the State as well as the provisions of the loan documents.

It may sound easy to file for bankruptcy and come out of any obligation to pay off your loan balances, but you are likely to face severe financial consequences and adverse credit reporting once you are declared a bankrupt. This is the reason why one should try to their level best in avoiding a possible foreclosure or bankruptcy situation. Those who have already gone through this nightmare should try hard to recover and get back on track. Some of the steps they should focus on include paying bills on time, using new credit responsibly, building bankruptcy protection and ensuring that your credit reports are updated frequently with improved credit scores. Save for a down payment and wait until your credit score improves so as to allow you to get a fair deal if you are considering for a home mortgage in next few years.

Bank of America Bankruptcy Department

Bank of America Bankruptcy Department gets into action once a homeowner files for bankruptcy or there is no option left to give him/her relief in mortgage payments. A notice of default is sent to the borrower that sets the timeline for a possible foreclosure on the property against which a lien exists. The process continues as per the guidelines mentioned in the mortgage documents. In a judicial procedure, the federal court decides on the auction date whereas in a non-judicial procedure the bank sets a time frame for the sale of the property. Even after sending you the notice of default, BofA keeps open its windows for negotiations and a last minute settlement to prevent a home foreclosure. It is strongly advisable to use your options to the full and never give up in your efforts to avoid bankruptcy. Remember that your credit report may continue to show your filing for bankruptcy for up to 10 years.

For homeowners, Bank of America Bankruptcy Department exists in the form of a foreclosure department. Hence its contact details are the same as those you’d find for BAC foreclosure department. Here is the complete address, phone and fax number. Note when you apply for loan assistance, you might be sent for a Modification Bankruptcy Disclosure Rider form that you are required to complete and send back to the banking division administering your case. It is better to take the help of a specialist in preparing your case for quick hardship assistance.

Bank of America Bankruptcy Department Phone Number: 1.800.846.2222

For Bank of America Bankruptcy Department Mailing Address and Fax Number, check the website link provided here. You will also find here latest news and updated information on current loan assistance programs for BOA as well as Countrywide customers.