Bank of America Foreclosure Help and Loan Modification

 


Bank of America Foreclosure Help and Loan Modification

Bank of America was one of the largest participants to the revelation of HAMP in 2008. They took part in the program and have easily and successfully modified different types of loans and mortgages. However, the weird thing is that there are a lot of employees who work in Bank of America but only very few understand what and how their loans work and how they are modified. This article will give you an idea on how such things work.

Bank of America Loan Modification

Simply put, a Bank of America loan modification, is a type of loan that is modified to make an existing loan or mortgage readjusted to make the terms much feasible for the borrower or applicant. This is done to help prevent foreclosure in the end of homeowners and or for filing bankruptcy. Thanks to this type of modification, home owners are now able to apply for lower payment terms and pay for it instead of worrying too much about their current payment terms. Although a Bank of America loan modificaton isn’t said to be the best solution, chances are it is still better than foreclosure and bankruptcy.

Requirements for a Bank of America loan modification

There are some requirements if you want to apply for a Bank of America loan modification. This type of loan is very much alike with that of any other financial institution. First, you have to have missed your mortgage payment for at least 90 days. You should be living in a primary residence. You should be experiencing financial instability and find that it is difficult to pay up your dues. You also have to be very keen in following the requirements of your bank. You also have to be able to complete the whole process and see to it that you fill out everything that needs to be filled out. These are just some of the first things you have to be aware of in order to know whether or not you actually qualify for this type of loan.

One thing you should know though is that the Bank of America loan modification does not qualify everyone who wants to apply for it. This is basically intended as an option to prevent foreclosure and is done to lower monthly dues on a loan that is more likely difficult to settle. If there are other options available for you, then it might be better than this type of process. Whatever you think is most feasible should be the one you should go after.

Contact Information:

1.800.669.6607 (Existing Customers)
1.888.293.0264 (New Customers)