Finally some real help for struggling borrowers trying to get a Bank of America loan modification. President Obama’s plan is a standarized and streamlined loan workout that will offer a lower mortgage payment for thousands of Bank of America borrowers. Even if you have been turned down before for a loan workout, the bank will review your application for a loan modification under the new plan. Find out how you can pre-qualify for this program.
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$75 billion dollars of the Stabililty and Affordability Plan has been allocated just for the Obama loan modification plan targeted to keep as many as 5 million borrowers in their homes. The approval guidelines are strict, but you can learn how to increase your chances of success with just a few steps to pre-qualification. Here are some important things to know:
- 1. You must live in the home as your primary residence
- 2. Your loan must be $729,750 or less one a single family home (higher for 2-4 unit properties)
- Loan must have been originated prior to January 1, 2009
- Your current payment must equal 31% or more of your gross monthly income (including taxes, insurance and Homeowners dues)
You can get a jump start on your Bank of America loan modification application under the Obama Plan by learning how to calculate your own debt ratio so you can meet the required 31% guideline. You can use one or more of the following options to arrive at your target payment:
- Reduce your interest rate to as low as 2%, if that is not enough then
- Extend your loan term to 40 years, finally
- Defer some principal balance (to be paid back interest free if the home is sold or refinanced)
If is really important to be able to complete your Bank of America loan modification forms properly so that they will meet the Obama plan guidelines for approval. Once you know how to calculate your debt ratio and fill out your financial statements, you will be able to pre-qualify yourself and have a very good chance of success. Do you know how to compute your own debt ratio? If not, you need to learn this important step-The Complete Loan Modification Guide was written as an affordable way for homeowners to get the information and help they need-without paying thousands of dollars to a company or attorney. This home edition handbook gives you easy to understand directions and step by step instructions so you can prepare your own loan modification application.
The Treasury Department has issued a warning against homeowners paying large upfront fees to companies-the Obama loan modification plan is free-just make sure you know enough to get your share of the billions of dollars available. This is could be your last chance to save your home-so give it your best effort.
You can get the help you need to understand, pre-qualify and apply for the Bank of America loan modification program using the Obama Home Affordable plan by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application-you don’t have to pay thousands of dollars to get the help you need. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio to meet the 31% guideline, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com
3 Responses
My BoA Home Loan Account # is 186448206. I first started the loan Modification process on Aug. 11,2009. I filed for a ch. 7 bankruptcy on July 31, 2009 and was certified on Nov. 1st 2009. I have called 17 times in the last 4 months and each time talked to a different representative in your bankruptcy dept. I have been assured that my file was sent to the Modification Dept. and complete and that I appeared qualified, even that you have received the release letter from my bankruptcy attorney. The answer I’ve received the last 7 times I’ve called is always the same, I.E.; that my case was under consideration and that I should keep calling to see if I have been assigned a “negotiator”,We are Senior’s and I a disabled Vet. we have used up all of our retirement funds trying to make our house payments on time and are now over 30 days behind. We could be a “poster family” for the Obama loan modification program.
I know that BoA has the latest technology and should be able to certify documents other than by Fax which I’ve been told by your people that is running three days behind.
Please have someone call me and give my case some priority as we are in dire straits and are struggling to keep our home. I’ve even deferred ordering some of my med’s. I know your’s is a massive job as so many need help but please contact me.
God bless you all, J.S. Crow
Posted on February 17th, 2010 at 1:45 pm
I can’t even begin to explain how frustrating it is to be strung along the way I have been. I know there a million others who can relate. I could write a book on the number of times I have called and been given the same old line with no compassion. I recently got a glimpse of hope when I was given a direct number to my qualifier, who approved us and was going to call me with the terms of my modification. I called back as I was told (in the event he didn’t call) and now nobody can get in touch with him, including me. I feel like I’m sitting in a black hole with no hope for help. Where did all of our tax money go? It would have saved time, money & frustration giving it to the taxpayers and not the banks. Please help!
Posted on February 18th, 2010 at 12:34 pm
The Fed is now requiring lenders to reply to a loan modification application within 10 days of application, and acknowledge receipt of your request. Homeowners then have to send in all of their paperwork, and once the bank receives everything they are required to give a yes or no answer to your loan modification within 30 days.
If your loan modification financial statement proves that you fit into the Obama criteria, then your trial loan modification will begin. You must make all 3 of these payments on time, and then your modification will become permanent-automatically! No more updating your information or having to start all over again.
If your loan modification application is not approved, then you may be offered another option called HAFA. This is a streamlined short sale process and is a much better option than a foreclosure.
Either way, you must prepare your financial statement accurately and correctly.
Visit http://www.myloanmodificationcenter.com for free information on how to increase your chances of success-read the BLOGS to learn more.
Posted on February 19th, 2010 at 11:49 am
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