Bank of American Home Loan Modification

Are you behind on your mortgage payments with Bank of America? There may be help available through a Bank of America Loan Modification through the federal stimulus bill. They are one of the approved lenders on the government list and are reworking loans for homeowners. They receive an incentive for completing these reworked loans, and so they are quite motivated to help. Maybe you could save your home!

You can only apply once under the federal stimulus bill, so it is important to understand the qualifications. Your current house payment with Bank of America must be more than 31% of your gross monthly income. This includes any homeowner dues, property taxes and homeowner's insurance. The home must be your primary residence, which means you live there more than 50 % of the time. The loan, which must have been originated on or before January 1, 2009, must be less than $729,750.

Your personal financial situation plays very heavily in the approval of your loan modification with Bank of America. You must prove that you have experienced a financial hardship that has increased your expenses or decreased your income and caused your home mortgage problems. This could be caused by several events:

• Divorce
• Death of a spouse
• Job loss
• Medical bills and illness
• Military Service

You have to have documentation to prove everything you submit, and more importantly, to prove you can make the new payment comfortably. You need to also be sure you convince them that you are quite committed to doing that. Bank of America needs to understand your ties to your community and your desire to honor your obligations and keep your house.

It is important to be sure you prepare all documents in advance and check those several times to be sure you have not omitted anything. You can only apply one time and you need to do it correctly. Do not contact your lender until you have compiled your information and familiarized yourself with the qualifications. This greatly increases your chances of successfully getting a modified loan from Bank of America.

The Treasury Department has allocated 75 billion dollars to rescue the housing market and help homeowners like you avoid losing their home. If you hold a mortgage with Bank of America and are struggling, you are already part of the way to help; they are on the approved lender list!

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