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Important message
The property in which you now reside has been foreclosed and is now serviced being serviced by Bank of America N.A. Our intention is to convey the property back to the Federal Housing Authority (“FHA”). This letter explains what you can expect due to the change in ownership and what assistance we can provide to you. A law firm has been assigned (the Bank of America N.A. representative), and will contact you to explain next steps including whether relocation assistance is available.
Your rights if you are a tenant
If you are a tenant, State and/or Federal law may provide you with rights and lease protections when the property you are renting is acquired by a new entity through foreclosure. For example, you may have the right to continue as a tenant for a period of time after foreclosure (typically 30-90 days, but in some cases for the remainder of the lease term). If you have questions about your rights you should consult a lawyer.
Please let us know as soon as possible if you are a tenant, and if so please send the following documentation to the Bank of America N.A. representative at the address they provide.
A copy of your lease (even if expired) or any other proof of your right to occupy the property; and
Proof of security deposit you paid and/or copies of canceled rent checks or other proof that shows rental payments are current.
If you are a tenant and have previously paid a security deposit please talk to the Bank of America N.A. representative to determine if you are eligible for a refund. If you are eligible to receive a security deposit refund, it will be mailed to the property address within approximately 14 days.
Your future lease payments and any other correspondence related to your occupancy of the property should also be sent to the Bank of America N.A. representative.
What else you should know
Bank of America N.A. will need to inspect the outside of the property once every 30 days.
Military servicemembers on active duty or active service, or a dependent of such a servicemember, may be entitled to certain additional legal protections pursuant to the Servicemembers Civil Relief Act (50 USC App. §§ 501-596) (SCRA). You may contact us at 1.800.669.6650 to discuss these protections.
For more information on additional resources available to you, please visit homeloanhelp.
Contact us
You can contact us with questions at 1.800.669.6650. However, if you are a borrower and have been assigned a Customer Relationship Manager (CRM), feel free to contact that person directly.
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