How to Get Approval For Bank of America Loan Modification Program
Today there are many people who are having a hard time in coping up with their monthly mortgage payments and many have been trying to find the right solutions for this problem. It is a good thing that the government has come up with a mortgage modification program that will suit these people’s needs.
With the high amount of monthly mortgage payments, many homeowners are finding it hard to meet their payments on time. Most have been late in their payments and there are some who have really missed paying at all.
The US government however came up with the perfect solution, the Obama loan modification programs that have integrations of many different types of home modification schemes.
One of these programs is the Bank of America loan modification program which is aimed to provide enough assistance for those people who are on the risks of loosing their homes and foreclosures.
If you would like to avail of this program you need to know what the qualifications are. First you need to gather all the required documents needed like your credit record history, proof that the home you are applying for is your primary home, substantial down payment, you must also prove that you are currently experiencing some financial crisis, the mortgage must have been taken out on or before January 1, 2009 and that mortgage you own must not exceed $729,750.00.
Once you have these requirements, you must compile them in an orderly manner so that when the bank reviews them they will find it easy to evaluate your qualifications.
Remember that the home affordable modification programs have been simplified, meaning that your application has a better chance of getting approved but if your documents are incorrect or not in a proper order you may also be rejected right away.
When applying for a government home affordable modification program, you need to write a hardship letter. This letter should prove that you are indeed under trying circumstances and you are presently unable to pay off your debts and mortgages.
The letter should be compelling and written clearly with emphasis on your current financial status and of course the true reason behind this. You have to be very honest in all the things you will write about as every detail you will include in the letter will be verified so you must include some supporting documents. These documents will authenticate and support your statements.
A complete monthly financial breakdown of your income and expenses should also be included in the documents you are going to submit with your modification program loan.
B of A modification is easy to apply for as they have home affordable modification program guidelines that are easy to follow. Just follow the simple steps like the proper gathering and compiling of the required documents and you can be assured of easy loan modification processing.
This is written by Matthew Andrews, an expert on Loan Modification Program under the Obama mortgage refinance programs.
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