subject: Modification of Commercial Loans [print this page] Author: David Hearst
Right now there are many options available to those who want help in keeping their houses from being foreclosed upon. Many banks, including BOA, are now open to the concept of approving loan alterations.
There are things you've got to know to do to your application to have an improved chance of approval. The bad part is if you're not already applying for an alteration, it is highly hard to find the requirements and other information you need.
Contact the Loss Mitigation department at your monetary institution and ask for info regarding the loan modification wants. These requirements aren't made available online and so you need to contact B.
This is your formal, in writing request for the alteration.
When working out your new budget and difficulty letter, be really concise and fair. Make an abbreviation of exactly how much you can afford to pay and at the rate you want get. Please take under consideration any probable income changes that can happen,eg a pay raise in the future. commercial loan modification.
You have to be honest! Each bit of info that you put into these documents must be truthful. BOA, nor any other lender will put up with lies. If you're dishonest on your request or your hardship letter you will be rejected! To be on the safe side, read over all of your info twice to make certain all is in order. Go line by line, number by number. When making an application for your loan modification, have all of your info together at once . Send the application, letter and all relevant info in in one envelope.
