Federal Plan

Homeowners trying to get a Bank of America mortgage modification will have the opportunity to apply for the HAMP option as well as other programs that will lower their monthly payment.  Anyone can apply for a loan modification, but only those borrowers who can meet the approval guidelines will be approved for a more affordable payment.  Learn those approval guidelines and know the basic procedure and you will greatly increase your chance of success.

Bank of America Loan Modification Guidelines:

1. Borrower is facing a financial hardship situation
2. Home is the primary residence
3. Homeowner can prove their income with check stubs, bank statements, tax returns, etc.
4. Mortgage can be modified using standard methods-interest rate reduction, longer term, principal reduction-to reach an affordable target payment

Bank of America Loan Modification Procedures:

1. Homeowner contacts bank and asks for consideration for HAMP or other loan workout program
2. Borrower completes an application including a financial statement, hardship letter affidavit and proof of income
3. Upon receipt of application package, lender reviews it and notifies borrower of any missing documentation within 10 days.
4. Within 30 calendar days of receiving all requested documents, Bank of America will notify the homeowners of either acceptance or denial.
5. If accepted, homeowner begins 3 month trial modification and upon completion of that, modification is made permanent.

Obviously, the secret to getting your Bank of America loan modification is to prepare and submit an accurate and acceptable application.  This may seem difficult or intimidating  if you have never done it before, but it is really a mathematical equation that determines who qualifies.  So you can use a software program that will do all the critical calculations for you automatically.  You will be able to see immediately if you fit the guidelines or if you need to make some adjustments to your financial statement before you submit it.

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Not sure how to qualify for a 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!