Did your Bank of America loan modification get denied? You are not alone, the vast majority of homeowners who apply for a loan mod are turned down the first time. This is not the end of the story, so don’t give up yet! You are allowed to re-apply for a loan workout, but the bank will only accept your new application under certain conditions.
- First, find out exactly WHY you were denied. There are usually two reasons-too much income or not enough monthly income or the current market value of the property that the bank is using in their formula is incorrect.
- If the reason is your monthly income, then determine just how much income is required to pass using the Loan Mod Quick App calculator.
The general guideline is that if your income changes by 25% then you can re-apply and be reconsidered. Any income you put on the application must be documented, so be prepared to prove it. Fine tune your figures using the Calculator, making sure you are now passing the guidelines and then resubmit your application again.
- If the reason is the valuation for the home, provide evidence to Bank of America that substantiates the current market value-a market analysis can be done by your local agent. If the bank thinks your home is worth more than it actually is, this could cause them to deny the loan mod and instead opt for foreclosure.
You can fight a Bank of America loan modification denial if you know the right tactics and have the right information. The goal is to prove to the bank that you are a perfect candidate for a loan mod and that keeping you in your home is the best option for everyone. Remember that the bank will only do what is the most cost effective for them-it’s not really about your needs at all. You have to convince them with plain math that a loan modification is the cheapest and best choice!
Get help to re-apply correctly for your Bank of America loan modification. Find out how much income is required and follow a sample monthly budget worksheet to get it right this time. The Complete Loan Modification Guide kit
and Loan Mod Quick App calculator give you the info and tools you need to succeed-this best selling resource guide has helped thousands of homeowners-learn how to turn your denial into approval-visit MyLoanModificationCenter.com for more information.