If you have a loan with Bank of America and you are having difficulties making your payments or maybe not even making your payments at all, a loan modification might be the answer you are looking for. However, a modification is not suitable for all homeowners. It all depends on your unique situation, your homes value, how much income you have coming in, etc.
Bank of America has in house loan modification programs as well as government sponsored programs. They are also participating in the Principal Reduction Alternative program, but most people I have talked to have been transferred out of that department after a few weeks and back to the hope department.
They are currently testing out a “lease back” option to homeowners in a couple select states. They offer homeowners near foreclose the option of signing their house back over to B of A and renting back the home for up to 3 years at current market rent rates. Sounds good, unless you want to try and keep your home. They will sell it at some point and you have to move out. Most homeowners are not in favor of this program.
Bank of America has several loss mitigation departments and they are notorious for transferring customers to different departments, often times requiring the homeowners modification paperwork to be faxed in again and again…ugh!
For homeowners who are having difficulties making the payments and have an income coming in, a loan modification program is the way to go. Especially if you are late on your payments, because once you are approved for the program you can’t be foreclosed upon until they decide to approve or decline you. This can stop a foreclosure sale date and give you time to work out a loan modification.
I suggest trying to get approved yourself (even though this site is based on reviewing companies who can help) and if you get denied try calling one of the loan modification companies we recommend. BestMortgageLoanModification.com has a ton of experience with Bank of America and they are federally compliant.
If you are late on your payments, they can help you as well. They were previously able to successfully obtain modifications with B of A for those who were delinquent within a reasonable time frame. They are able to assist homeowners who are late on their payments – it is much more difficult to get a loan mod approved for those who are current. If you have a foreclosure sale date (you are WAY late payments..), they can stop the sale date BEFORE you pay them. This typically costs less then filing BK as well.
Bank of America has been known to step up in the past and actually approve loan modifications for distressed homeowners, but they are definitely not the easiest lender to work with.
This means you should take action and be prepared to work to save your home! Be sure to prepare a financial worksheet before you call them so you can be sure you fit into the guidelines…
Good luck with your Bank of America loan modification program and thank you for visiting our website.
You can read reviews of all the companies who can help get a loan modification approved here–> Loan Modification Companies.