----------------------------------
-----------------------------------
Loan Modifications seem to be the last hope for a number of homeowners across America who are struggling with their mortgage payments. This is ever more clear with the rising foreclosures that is expected to reach record numbers in 2010. Lenders such as Bank of America are offering mortgage loan modification for those in danger of falling behind or in danger of being foreclosed upon.
The entire loan modification process is very time consuming and tedious. Especially, if you have a loan with a bank like Bank of America. They are so inundated with loan modification requests that your particular request could easily be overlooked if not prepared properly. That is why it is imperative that you follow these very simple steps in order to ensure that you qualify for a loan modification:
1. Call your bank’s Loss Mitigation Department and inquire about the documents necessary to start the loan modification process. The representative that takes your call may immediately want to go right into discussing your hardship and your finances. Try to avoid discussing this with them as they may want to prequalify you on the spot. Bank of America or some of the other large national banks may simply direct you to their company web site where you may be able to download a loan modification application package.
(more…)
-
Loan Modification: Mortgage relief or grief? What homeowners go through while waiting for their permanent modification... This article tells it all: Chase Modification Process Unfortunately, what this couple has already gone through is exactly what hundreds of thousands of homeowners across America... -
Obama Plan - More help for California! Homeowners in California and in a handful of other states could be injected with some much needed help from the Obama Administration. Recently President Obama announced a $1.5B program to help stop the foreclosure bleeding... - Hardship Letter Hardship Letter Guidelines I've read several blogs on the internet on what a hardship letter is and how you should write a hardship letter for a loan modification. A hardship letter for a loan modification...
- Loan Modification: Can an Ebook help? Loan Modification ebooks: A waste of money? Believe it or not, Loan Modifications may still be in it's infant stage. Most banks have only just started doing loan modifications back in 2006 or 2007 and...
-
Mortgage rates vs modification rates What interest rate are you qualified for? Well, that depends on whether you are trying to refinance or get a loan modification. I've spoken to many borrowers that are pursuing a loan modification because they...
- Why I Continue To Bank With Bank Of America. First of all, because Bank of America is still in business...for now. So many banks have folded and/or merged that I am glad that BofA is still around. I have been a customer since 1995...
- Bank of America (NYSE: BAC) Gives Back With $10 Million in Grants Bank of America (NYSE: BAC) is the first large bank to give money away in the form of a grant to other lenders. Bank of America is giving non-profit micro-lenders like Community Development Financial Institutions...
- 10,000 Bank of America (NYSE: BAC) Borrowers Contacted About Mortgage Forgiveness Program Under a plan officially announced in March, Bank of America (NYSE: BAC) announced principal reduction would be the first step for helping their most troubled mortgage borrowers through the Home Affordable Modification Program (HAMP). On...
- Introduction to Mortgages pt 3 of 5 This is part three in a five part series on what you need to know about mortgages before you buy a home. The housing market is an interesting beast, because it comes and goes, rises...
- Bank Of America and Countrywide Enter into Civil Union; Promptly Sued Here's a story I've ignored for some time on the sole basis of how scary the Countrywide CEO looks. The thought of Angelo Mozilo gives me nightmares. Perhaps worse than his name, is what he's...
