Bank of America Foreclosure Process, Loan and Mortgage Modification Programs
Under certain conditions, homeowners who are not able to make their monthly loan payments may be qualified to apply for loan modification to make their mortgage payment easier on their pocket. The Home Affordable Modification Program (HAMP) was set up by the federal government of the US to help homeowners pay their home mortgage loan. Bank of America was one of the participants in this program and has helped homeowners in modifying their home loans and mortgages.
Bank of America Foreclosure Assistance and Mortgage Modifications
Loan modification works by modifying a homeowner’s existing loan and readjusting the amount of monthly payment so that it becomes easier for the borrower to pay. Bank of America provides this service in order to prevent the foreclosure of the borrower’s property or filing for bankruptcy, two of the most dreaded outcome of the financial crisis that started early in the decade. Because of HAMP and Bank of America’s assistance, many homeowners who found themselves beleaguered by foreclosure and bankruptcy were able to find a solution and obtained lower monthly loan payment terms.
Bank of America Loan Modification Requirements
Those who want to apply for loan modification with Bank of America must fulfill a set of requirements. The applicant must prove his or her eligibility for the program before being allowed to have access to the loan. You are eligible if you have already missed mortgage payment for at least ninety days and you are living in your home that is your primary residence. One of the requirements also say that you have to be experiencing financial difficulties and are having trouble making the mortgage payments because of the loss of your job, divorce or a medical emergency. You are also qualified if your current mortgage loan was obtained before January 1, 2009. Additionally, new eligibility requirements states that you need to have your first mortgage payment to be more than 31% of your current gross monthly income. It is also important that when filling out the application form you complete all the information being asked from you and that you follow all the instructions in order for your application to be considered.
If you meet the eligibility requirements based on what were stated above, you should call them and request for a Home Affordable Modification. The bank will review your situation and will send you an information packet if you pass. The packet will contain the required documents and forms that you need to fill out. Sign the documents and return the packet to the bank as soon as possible. Bank of America has a trial period that last for at least 3 months if you qualify. After successfully going through the trial period, your modification will be declared permanent.
You can get more information about Bank of America HAMP here.
1.800.669.6607 (Existing Customers)
1.888.293.0264 (New Customers)