With foreclosures at an all time high there are more options available for people facing the possibility of losing their home. Numerous lenders including Bank of America are offering mortgage loan modification for those in danger of being foreclosed upon.

There are a few things that you should do in order to ensure to qualify for a loan modification from a lender or Bank of America, they are as follows:

1.Find out the requirements that you must have from the Loss Mitigation Department. In order to get these requirements you must call they are not available online but if you just call the lender or Bank of America you can get these much needed requirements. If you try applying for a loan modification with no idea what the requirements you might as well not even bother.

2.You must write a hardship letter when applying for a loan modification. Do not attempt to apply for a mortgage modification if you have not prepared a financial hardship letter. It is considered your formal request for consideration.

3.Prior to writing your hardship letter look over your finances and create a new logical budget that will provide proof to the lender that once you modify your new loan you will be in good shape to pay it off.

4.You must remember to be as honest as possible when writing your loan modification hardship letter. Create an outline that you can use to show that once you get this loan you will be able to pay with no future problems. Showing the lender that you are committed to doing everything possible to keep your home will give the lender more faith that you will not default or fall behind on future payments again.

5.Never lie; it will just hurt you if you get caught. Lenders will not work with you if you are caught lying. It is not worth the possibility of being rejected just because you lied, whether big or small.

6.Finally when sending in your application make sure all of the necessary paperwork is included. By doing so the lender or Bank of America will be able to process your application faster.

If you just follow these simple steps you should not have any problems applying for a loan modification. Speak with a Bank of America representative and apply ASAP before it’s too late and you lose your home to foreclosure.

-M Petrone

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