With so many mortgage lender offering home loan modification options to homeowners, there is a lot of information to sort through. You should know that Bank of America a a quality, reputable, financial firm which can help you keep your home, and get a mortgage modification.

However, it is pretty hard to get quality information of getting a Banks of America home loan modification. Unless you are completely serious about applying for a mortgage modification, is is near impossible to learn the exact requirements and options are. There are though some simple things all homeowners can do to increase their chances of being approved.

First, call Bank of Americas home loss mitigation department, and ask if they have any information about the general requirements for a home loan modification through them. This information will not be on their website, so it is very important that you actually make contact and call or go into Bank of America in order to so this. If for whatever reason your home loan modification application does not meet their requirements, you will not waste time and energy.

A letter of “Financial Hardship” must be included with your mortgage modification application. This letter should state your hardships, why a home loan modification is so important, and what your budget would be should a modification get approved.

So, before writing this letter, make sure to have a budget figured out with the new expected home loan modification. This will also allow you to see if a mortgage modification is really the answer you need for your personal financial situation. The budget will show the potential lender, such as Bank of America, that you are serious about this, which could help edge the decision in your favor. It also shows that you have enough income to actually pay the new home loan every month should they approve your.

When writing your letter of financial hardship, make sure to be very forward, and truthful about your problems. Make sure to include exactly what you are able to pay every month, and include the rate at which that would be possible. Make sure they know that you will do whatever it takes to satisfy the home loan and the lender. Also, if you are expecting a positive change in your financial situation in the future, inform the Bank of America, or the mortgage lender about this. The lender needs to be certain that you will be able to handle this new loan payment, and they will not lose anymore money or time on your financial problems.

Never lie or tell stretched truths on your application or hardship letter. Be sure that everything you have written down is completely accurate. Mortgage lenders, especially Bank of America, do not like homeowners who lie on applications and quickly deny them. Double check your work when you are done completing the application and check for errors. You do not want to have to repeat this entire process due to a rejected application.

When you are done, turn in the application and hardship letter together to Bank of America. If they are satisfied that they have all the information they need, they will start the process of reviewing your home loan modification application. The most important part to getting a Bank of America Mortgage modification is a completely, and accurately filled application, with all relevant documents and information included. If you take a little time and put in some effort, getting approved for a home loan modification is not that difficult at all.

-M Petrone

Subscribe via email

Enter your email address:

Delivered by FeedBurner