Those homeowners who have been frustrated with the Bank of America loan modification approval process will be happy and relieved to know about the new procedure recently implemented. The Fed has given new guidelines that are designed to help not only speed up the review and approval time frames but also has made the entire process alot less complicated.
If you have already applied for a Bank of America loan modification and are awaiting your answer, or if you have already been denied, you need to know this new process so that you can take advantage of this easier, quicker loan workout plan. The government program, called HAMP for Home Affordable Modification, has been around for over a year. The problem has been that the bank has been buried in requests and have had a very difficult time managing all the required paperwork.
Now the HAMP loan modification process has been revised to make it much easier to apply and qualify with new, shorter turn around times. Here is the basic updates to the application and approval process:
- Upon receiving a request from a homeowners for a Bank of America loan modification, the homeowner will receive an acknowledgment of their request within 10 days along with application paperwork.
- The application paperwork is simpler-now homeowners must provide only a hardship letter, financial statement detailing their income and expenses, 2 most recent paychecks, and a signed 4506T form.
- Once the bank receives a COMPLETE loan modification package, they will have 30 days to review it and make a decision on approval or denial.
- If documents are missing from the package, then the homeowner will be notified and they must provide the missing items within 14 days.
- If the homeowner is approved, then a Bank of America trial modification will begin and 3 modified payments must be made on time. At the end of the trial period, the modification will be made permanent automatically.
- If upon review of the homeowners financial statement and loan modification application it is determined that they do not qualify, then another option may be offered such as a HAFA short sale, or deed in lieu of foreclosure.
The good news is that it is possible to get your Bank of America loan modification within 30 days of applying. The tricky part is that you must prepare your financial statements and application correctly if you hope to be approved. You only get one chance now-unlike before when you could keep re-applying. So the borrower must take responsibility for doing it right the first time so that they can move on to a permanent solution to keep their home.
If you are not sure just how to prepare your application and financial statement correctly, then you may want to use a software program designed just to help homeowners with the HAMP program. The Loan Mod Quick App will do all your debt ratio, new target payment, asset ratio and other critical calculations for you automatically. You can save time and frustration when preparing your forms, and have confidence that you have prepared the most accurate and acceptable application you can.
Not sure how to qualify for a Bank of America loan modification? Loan Mod Quick App software takes the confusion out of preparing your application. This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you. 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! You can save hours of time and avoid costly mistakes. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more. Visit myloanmodificationcenter.com and order today-Immediate download!