Fight Back!

Homeowners who are having Bank of America loan modification problems usually find that the lender is not very helpful when it comes to explaining why the borrower does not qualify for a loan workout.  The reasons for being denied a loan mod are usually due to something called NPV – Net Present Value – or because the borrower put too much or too little monthly income on their application form.  There is a solution however that can change that denial into approval, but you need to understand just how the bank determines who will qualify in order to succeed.

Bank of America loan modification problems can be frustrating – but the best way to get an approval is to spend just a couple of hours learning the basics of the program and understand what the lender needs to see on the application form so that you will be able to complete the forms correctly.  Here are some possible solutions you can use:

  1. Understand that the process for approval involves a standard mathematical formula-it’s not just luck or an arbitrary decision made by Bank of America.  Each loan modification application is run through a calculation using information provided on the monthly budget page-either your income, expenses and bank balances fit or they don’t.  You can double check your own figures by running them through the loan modification software calculator first.

    Sample Monthly Budget-Follow It

  2. Fine tune your figures before you submit you application for review.  Once you use the loan mod calculator, you will see if your income is passing the formula or if you need to increase it or decrease it to pass the approval trigger.  You may need to get a room mate or second job, or you may need to lower your monthly expenses to fit the guidelines.  If you don’t know this ahead of time, then chances are you will not fit into the approval formula.
  3. Bank of America may have the wrong current market value for your home in their system.  Ask them what they have for a value, if it is too high then you can provide them with proof of what it is really worth to fight back.  A local real estate agent can help you with this by providing a Comprehensive Market Analysis report proving the actual value.

Guidelines Met!

Most of the time Bank of America loan modification problems can be solved by asking the bank exactly why the application has been turned down, then revising your application so that it meets the guidelines that the bank needs to see.  However, if you don’t know just where and how to make those adjustments chances are that you will not be able to fit into the guidelines.

Get help to prepare your own Bank of America loan modification application correctly-use the #1 resource for homeowners.  The Complete Loan Modification Guide kit and loan modification software calculator provides

Download immediately!

you with the inside information you need-detailed step by step directions, required forms and the calculator automatically generates your very own sample monthly budget showing income & expense requirements.  Visit today for more information.

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