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Home Loan Modification For Bank of America - Approach & Successfully Modify Bank of America Loan

!: Home Loan Modification For Bank of America - Approach & Successfully Modify Bank of America Loan

Bank of America has come up with home loan modification program for its customers who are not able to pay back the installments for their existing loan with the bank because of financial crisis and poor market conditions. This program would help all the worried customers who are facing foreclosure.

Bank of America home loan modification basically is revising and modifying the current loan with some negotiations in the existing terms and conditions of the loan. The new terms are decided according to the circumstances going on with the customer and which also suits Bank of America.

Basic Features of Home Loan Modification Program

· Reduction in interest rate and principal.

· Increased tenures and loan amounts.

· Nil foreclosure charges and waived late fees.

Tips to Approach Home Loan Modification Program by Bank Of America

Here are some tips to approach and successfully modify your Home Loan Modification Program :

· Call up Bank of America customer service department and tell them about your interest in getting your loan modified. You will be assisted with the complete range of plans offered by the bank and pick up one which suits your case.

· Fill up the loan application form online. Applications processed online takes less time for proceeding further and are checked instantly.

· Arrange all the documents required for getting your Bank of America home loan modified in a file. Make sure that this file contains all the documents from income to expense, bank and card statements etc. Never give an incomplete file for processing as it would just delay the process.

· Prepare a compelling hardship letter for your lender. Reasons causing financial hardship, steps taken to ease the situation and your interest in continuing with the home ownership are the 3 elements of a proper hardship letter.

· You also need to present a financial worksheet to bank of America. This worksheet's main role is to give the bank an idea about your current financial status. You must also prepare a proposed worksheet to help your lender decide the loan amount and installment amount that you would be able to repay.

· Never provide any fake information and manipulated document. Bank of America will check and examine the information provided by you. And if found guilty, your loan application would be dismissed.

· Keep a constant check on the status of your file by calling up the banks official. Your application is not the only one. So, it becomes your duty to make sure that your file is not left unattended.


Home Loan Modification For Bank of America - Approach & Successfully Modify Bank of America Loan

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