Bank of America has come up with mortgage modification help programs for those who are on default with the payments of their existing loan with bank of America. Bank is offering this help to all its worried customers who want to keep their homes. Mortgage modification means restructuring of the current loan with some smooth terms in favour of both the bank and the customer.
This help is not for every customer of the bank. Bank of America has set some specific guidelines for meeting the eligibility criteria and you need to adhere to them before applying. One can now choose fro the flexible plans offered by the bank and can easily repay the new with increased tenures and lower interest rates.
DIY tips and guidance on bank of America mortgage approval process:
· Call up Bank's loan mitigation department and ask them to send you an application form online. Fill up the form properly without leaving any column unattended. Applications filled online are processed and checked quickly.
· Gather all the documents required for processing the case and submit a complete file. Your file must include your income and expense documents, Bank statements, card statements, debt summaries if any and miscellaneous expense sheet. You will only delay the approval process if you submit incomplete file.
· Bank of America will only give you mortgage modification if you are able to convince the bank that you have actually suffered from financial hardship. So, prepare one acceptable hardship letter mentioning the causes and steps taken to cure your hardship. You must also mention your interest in keeping the home ownership in the letter.
· Do not provide any fake information to Bank of America. Remember that all the information provided by you is going to be checked and verified by professionals and so every document and information should be genuine.
· You need to keep a strong follow up on the status of your case. Call up bank of America and ask about your case regularly.
President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure. To know more about Latest Loan Modification Programs and to check if you qualify
Click Here --> Loan Experts
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