There are plenty of ways and steps to do Bank of America Mortgage Modification since they offer a wide range of services. Bank of America Home Loan Modification can only be taken if a homebuyer is not attached to another program regarding loan modification. They offer customers a broad variety of loan modification programs to help make payments much more affordable. To better understand if it’s right to take, learning its program goal is a must. This program aims to modify payments to be affordable, and a homeowner may still be eligible even if not living in a property anymore. There will be no limitations regarding to amount of a homeowner’s loan origin or home loan.
Requirements to Apply for Bank of America Mortgage Modification
There are some points in Bank of America Mortgage Modification about eligibility to enroll. A homeowner must be under economic hardship like mortgage payment increase, or income reduction. Second is when a property is only a 1-to-4 unit manufactured home, house, or condo. To be eligible, every borrower on a homeowner’s loan must agree to cooperate. Then, if required, homeowners have to give permission of access to property interior for an inspection or appraisal. Lastly, all requested information referring to finance must be provided, along with proof of consistent income.
Bank of America Loan Modification Program stated that if a homeowner is not eligible, then options regarding leaving house may be considerable. Bank of America Mortgage Modification may only be valid if a homeowner’s current house worth is less than existing loan amount. That way, a homeowner can also sell his/her house in short sale. They offer a program that might provide easier approval process and economic assistance.
Next steps of applying for Bank of America Mortgage Modification are to call, submit required documents, getting a trial loan modification, and finally permanent loan modification. When calling them to request for loan modification, prepare loan number, monthly income on pre-tax for each borrower, household expenses per month, and information regarding existing economic hardship.
To move forward with Bank of America Mortgage Modification, they will need to do a few things first. They will prioritize confirming fulfillment of eligibility requirements, then sending homeowners a financial detail packet with forms to fill in and return. Lastly, they will pair applicants with an assigned Customer Relationship Manager that will work through the entire process with homeowners.
As soon as an applicant has received Bank of America Mortgage Modification financial information packet, complete it, sign, and return it to them. Unless this packet is filled out, they won’t be able to evaluate loans for trial modification step. They will contact applicants within five work days in case of missing or incomplete documents.
After they have received all required documents, it may take up to 30 days to complete evaluation process, decision will then be notified. If a homeowner is not qualified for Bank of America Mortgage Modification, consider other options. To those that have been qualified and approved, process of trial period plan is waiting. Make sure to follow eligibility requirements carefully.