Bank of America Loan Modification: Approval Tips And Techniques
Need to get assured help under the Obama Loan Modification Program to save your home from foreclosure? Well then you have come to the right place. Here are some basic tips and advice that would help you to complete the application procedure in no time and at the same time also ensure that you don’t fall for any dubious plan that in the name of help intensifies your financial burden.
Some tips for loan modification help are given hereunder:
1. Know the lender’s Approval Criteria
The government has approved several financial institutions who are working as lenders to help you modify your loan. Therefore in order to get help from them, you should understand the qualification criteria and make sure you qualify for help under their program.
2. Calculate debt ratio
Learn how to calculate your debt ratio and figure out a monthly budget, which you can afford without stressing your current fiscal position.
3. Prepare a convincing hardship letter
Prepare a letter or affidavit of hardships you are facing for the repayment of your mortgage loan and submit it to the authorities. The letter should include the circumstances that led to the hardships, steps you have taken to counter it and your commitment to house ownership.
4. Provide backup documentation for hardship affidavit
You should always provide backup documents to support your hardship claims. For instance, if you have lost a job, then you should provide the relieving letter with reason of job loss.
5. Provide financial documents
You should also include copies of two recent most paystubs along with two most recent bank statements, papers of federal tax returns and proof of any other extra income.
6. Submit complete application
Submit complete and accurate application to the lender with an acceptable modification plan.
Bank of America Loan Modification program has attracted large number of homeowners who are on the verge of foreclosure and about to lose to their home. Surely the program aims at providing relief to these people but it also involves a long and tedious application and approval procedure. This makes many people unclear about the program process. Through knowledge of the application procedure, documentation and legal aspects involved in the program can guarantee help for you in no time. Once accepted under this program, you would be able to save your home as this program would modify your existing mortgage loan in to a simpler one with lower interest rates.
Also, the chances of being selected by creditors who are offering help under this program increases if you are well-versed in the procedure and know whom to approach for the help. The best way to learn about these programs and different plans under it is by studying the FHA loan modification requirements and following them very strictly.
Federal Loan Modification Programs has been specially launched in order to provide financial and economic help to people in distress and strife. However like any other program, this program involves a tedious application and approval process, which makes it difficult for people to get help under it.
Mr. Raks Martin is a regular feature writer for our portal www.obama-loanmodifications.com. He regularly writes informative articles on the topics of Loan modification help and offers tips on the same.
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