With all major banks of the world relenting on some of their policies to allow their borrowers to be able to pay back their loans, it comes as no surprise that the always customer-friendly Bank of America is trying to do the same too. The Bank of America loan modification program is quite clear and straightforward and if you make your application correctly and according to their guidelines, there is no reason why you should not get the benefit of this too.
First of all, you have to learn why Bank of America will consider your loan modification application. The reason for this should be some kind of hardship that you are facing. A hardship as explained by the Bank of America guidelines is an adverse situation in a borrower's life which makes it financially difficult for them to pay back the borrowed loan installments. Hardships include problems such as death in the family (of an earning member), a stoppage of a source of income for some reason such as loss of employment or shutting down of a business, a medical condition or an accident that makes employment physically impossible, relocation, etc.
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The Bank of America loan modification programs for different kinds of loans are different. There are three types of programs available here actually, which are the general conventional loan programs and specialized programs for Fannie Mae and Freddie Mac loans.
There are different ways in which the Bank of America helps its clients with their loan problems, i.e. there are different kinds of benefits that applicants stand to get. Most of the options are geared towards retention of the home ownership, in which the people who own a home are assisted in making their payments so that they can keep staying in their homes. These are the options that most people go for. Apart from loan modification, the other retention programs here include repayment alteration plans and forbearance.
You must check out the various qualifications that are required to retain your property in case you are looking for a Bank of America loan modification. Having a hardship - a genuine one as defined in the Bank of America guidelines - can help with immediate approval of a mortgage modification [http://tipsforloanmodifications.com/mortgage-modification-assistance] program. However, it is important that the person continues using the property on which the loan is being modified and uses it as primary residence. Properties that are abandoned are not entertained with Bank of America loan modification procedures. Learning how the bank works by speaking with a representative is a good way to begin with the process.
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