Information About The Bank Of America's Mortgage Modification Programs
For customers who have defaulted on their mortgages
, Bank of America offers a variety of mortgage modification programs. Qualified customers can modify their current mortgage by paying lower rates each month or extending the term of the mortgage. These modifications benefit both the customer and Bank of America.
If you are thinking of applying for a Bank of America modified mortgage program, carefully consider the following:
The first step is to get in touch with the loan mitigation department. They will provide you with an online application, which speeds up processing time. When filling out the application, ensure you complete all of the questions.
Collect and organize all of the required documents before submitting your application. You will likely need bank statements, proof of income and expenses, documentation of debt (including recent credit card statements) and documentation of any other major expenses. Having these on hand right from the start will expedite the application process.
To be approved for a Bank of America loan modification program, you will need to provide proof that you are experiencing financial burdens. Write a letter explaining your financial situation, how you came to experience financial hardship and what steps you have already taken to balance your books. Make sure to emphasize how important it is that you maintain ownership of your home.
dont lie! Bank of America will verify all of the information in your application.
After submitting your application, keep in regular contact with the loan mitigation department at Bank of America.
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