Is a Bank of America Loan Modification Really a Possibility?
You have probably seen so much mortgage modification hype on the television and computer that you don't know what is true and what is just that
. If you find yourself in default on your Bank of America mortgage, you are most likely looking frantically for options to avoid foreclosure. is a Bank of America Loan Modification a possibility?
As you face your current mortgage problems, you may feel embarrassed or even ashamed. The reality is that you are certainly not alone because homeowners across the country are experiencing the same thing. That is why the government is sponsoring a mortgage modification program to encourage lenders to assist struggling homeowners who qualify, and luckily, Bank of America is a participating lender.
If you are eligible for the federal Making Home Affordable program, you can apply for a reworked mortgage. There are several guidelines you must meet, and Bank of America must determine that you can pay the new, modified payment. It does not cost anything to apply, and it is worth the trouble. You could obtain a revised mortgage with much better terms and lower payments.
There are many advertisements for mortgage modification assistance, preying on vulnerable homeowners at this time. However, a Bank of America loan modification will not cost anything in up front fees. If you are qualified, it could improve your financial outlook for the life of your mortgage. Gather your income information, bills and expenses and find out if you could qualify to get your mortgage redone.
Is a Bank of America Loan Modification Really a Possibility?
By: Tyler C. Johnson
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