Wondering if you can qualify for a Bank of America loan modification to lower your mortgage payment?  If you are facing financial difficulties, you should apply for a loan workout to lower your monthly loan payment to help you to stay in their home.  However, each applicant must complete a loan modification package that will be reviewed for eligibility by the lender.  One of the most important qualifications is called debt ratio-this is a percentage figure that Bank of America uses when calculating your new modified mortgage payment.  Learn what this figure is and how to calculate your own debt ratio to make sure you have a chance at loan modification approval.

A Bank of America loan modification can use a number of options to achieve a new mortgage payment that is affordable and meets the banks guidelines for approval.  This new modified payment is targeted to equal 31% to 38% of the homeowners gross monthly income.  This new lower payment can be accomplished by one or more of the following options:

1. Longer loan term up to 40 years
2. Reduction in interest rate
3. Principal forbearance whereby a portion of the current loan balance is deferred interest free
4. In rare instances, principal forgiveness

To help struggling borrowers apply for a Bank of America loan modification, the lender has increased its full-time home retention staff by 125% to almost 6,000 employees.  The bank plans to continue adding staff as the demand warrants.  These employees are trained to work with financial troubled borrowers to find a solution that is most appropriate to their circumstances.

Interested borrowers are encouraged to take the time to learn about how to meet the requirements for a Bank of America loan modification before contacting the bank.  Homeowners can pre-qualify themselves by learning how to calculate their own debt ratio, how to arrive at a target modified mortgage payment and how to complete the required loan modification forms properly.  Take advantage of a software program designed just for homeowners to help them prepare their application correctly.  The Loan Mod Quick App actually uses the very same formula that lenders use when qualifying homeowners for the federal HAMP guidelines.  All you have to do is put in your own income and monthly expenses, and the debt ratio is figured automatically.  You will see immediately if you pass the guidelines and see what your new modified interest rate and payment could be.  You can avoid mistakes and make sure you prepare your application correctly the first time.

Borrowers who submit a complete, accurate and acceptable package to Bank of America will have a better chance of getting the results the need and deserve.  This is too important to leave to chance-make sure you take the time to use the Loan Mod Quick App and be sure that you have the best chance of approval with an accurate and acceptable financial statement.

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs.

You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.