Qualify for a Bank of America Loan Modification Qualify for a Bank of America Loan Modification
Homeownership is many Americans dreams, and they work hard for it. It’s sad to say though, that the dream can sometimes turn bad as many people have and will be facing foreclosure. There are several reasons for this that include family problems, job loss, serious illness, or many other factors that can create a financial hardship. Many lenders have been asked by the government to offer a financial assistance program to help with the mortgage modification process. Although, even with these programs, you’ll find it to be very hard to get your bank to take any action to stop the foreclosure process. For example if you’re loan is serviced by Bank of America, then you can go directly to them, or it may be in your best interest to find a skilled foreclosure attorney that has experience working with them on their modification program.
The BOA mortgage modification program consists of several programs that are designed to fit many situations. The qualification requirements for each of the programs are different. They’ve built a website for people facing a financial hardship to go view the different options available and attempt to match up the correct program with the particular situation. Consulting with a foreclosure attorney at this point may be beneficial, if you don’t know exactly which way to proceed. A successful application can stop a foreclosure so that you can retain your home. Although, if the application isn’t filled out properly or denied, the foreclosure process will then proceed.
Considering that the stakes are very high, if you’ve missed a mortgage payment or might be missing one, you might want to apply as quickly as you can for the Bank of America Mortgage Modification program. BoA will highly scrutinize your application by putting it through various qualification criteria and filters. If you qualify, you can obtain the principal amount reduced by up to 30 percent. BOA will require that you provide some information over to them in order to ensure that you actually do need the modification.
Criteria to Qualify
Here are the conditions to be met in order to qualify for the Bank of America mortgage modification program.
The mortgage payment you’re current making must be more than 31% of your current income before taxes.
The home must be your primary home.
You can’t owe more than $729,750 for a single family unit on the first mortgage.
There is a financial crisis happening in you life such as lost a job, getting sick, or a divorce.
The mortgage was taken out prior to January 1st, 2009.
If you have a loan that is backed by the FHA you may qualify for the Homes Affordable Modification Program.
Process
Once you have decided to approach the Bank of America Mortgage Modification program, you will have to contact the bank for an application form. In order to get the help, the officials at the bank will need to genuinely feel that you need it. This is why filling out the application correct is so important. The banking officials are going to look at the application, figure out what your current income and expenses are, and if they do approve you they will then propose a new payment schedule that will be a three month trial payment. If you’re able to make the new mortgage payments for the three months, then BOA will send over your new mortgage documents which will have the new terms for your mortgage.
Avoiding Foreclosure
Even if you do not qualify for a Bank of America Mortgage Modification, there is no need to lose heart. As your attorney will explain, there are other options. You might be able to stop the foreclosure by entering into a short sale agreement. A good attorney can help you determine this. A short sale may work if the amount that you owe on your mortgage is actual more than what the house is worth. A foreclosure will have a devastating effect on your credit and ability to qualify for a new home, so a short sale would be a good option because it would allow you to qualify much quicker if you chose to purchase another home at some point in the future. The short sale process also might help you become eligible for the government to make assistance available for your relocation. For more information you can approach the bank officials for guidance or retain some talented foreclosure defense attorneys to guide you and negotiate a sensible deal for you.
When you are considering applying for a Bank of America Mortgage Modification, you need to keep in mind that you will succeed only if you can convince the bank officials that you meet the criteria.Otherwise your mortgage modification can be delayed or rejected. When you are suffering from financial difficulties, it is best to take proper precautions such as filling out your paper work correctly or approaching qualified foreclosure defense attorneys. Make sure to visit my site at stop-foreclosure-hq.com
