Bank of America Loan Modification

If you are a homeowner and are starting to feel anxious because you are falling behind on your loan payments there is help available that can assist you in a Bank of America loan modification. If you are a homeowners that has had a hardship in life then you need to know your options to stop foreclosure and what it takes to get a loan modification with Bank of America if you qualify. Below are options to stop foreclosure with just about every company including Bank of America.

President Obama has signed a bill allocating 75 billion in funds through the 2009 Stimulus Plan to help homeowners in trouble. Under this program, incentives are paid to approved banks and lenders to encourage them to modify mortgages for homeowners facing the loss of their home through foreclosure.

When speaking to the Bank of America representative over the phone, they may present you with multiple options and programs for loan modification. There are a variety of options available for almost any financial situation and budget, though you may not qualify for every option.

When filling out the Bank of America loan modification application, homeowners should be absolutely sure not to make any mistakes, as they can also end in disqualification. Writing a professional hardship letter to send in along with the application is a must as well, and sending in any documents requested when speaking to the loss mitigations department will speed up the process and increase approval chances.

The same company who does the instant loan modifications for Bank of America can also help get you approved for the Obama loan modification plan. They will go over your financial statements and make sure it’s within the guidelines of the program. They can then call your lender and give them your information. Sometimes they can get you approved in a few minutes and sometimes the bank will ask to see copies of your bank statements, tax returns, etc. It’s a crap shoot on what will happen. Once you are approved, it will still take a few weeks to complete this one…not 7 days!