Question: For a Bank of America loan modification what does it take to get approved?
ShareThis
Question: How do I get approved for a loan modification with Bank of American?
Answer: To apply for a Bank of America loan modification you will need to complete a Request for Loan Modification package.
As with any paperwork, there is strategy to completing the package to stand the highest chance of getting approved.
As I mentioned, you will have to prepare a Request for Loan Modification Package for Bank of America to prove you are experiencing financial hardship and convince the lender that modifying your loan will cost them less money than letting the house go to foreclosure. How you present your case will make the difference between an approval or denial.
Many homeowners are having great results with the help of a book I recommend to complete the loan modification package themselves Click here to check it out if you want
Challenges you may face when submitting your loan modification request
When you contact BofA, you may initially be directed to the collection department. This department will not help you with a workout agreement. They will just try and collect on the past due payments. You want to contact the Loss Mitigation Department that processes loan modification requests. Don’t let them redirect you to another department or retention option.
Here are the phone numbers you need:
Bank of America Customer Service 1.800.285.6000 Mon-Fri 8am – 9pm ET
Bank of America Loss Mitigation 800.846.2222 – Phone 716.635.7255 – Fax
If the lender gives you grief use three little words to fight foreclosure
If you are getting frustrated in dealing with your mortgage company or their servicing company and you need to buy some more time if the NOD has been filed, there is a little known method an attorney has shared with the public that delays the foreclosure proceedings.
It involves using three little words, namely, “produce the note,” to your lender or servicer. Asking them to “produce the note,” requires the lender to prove it has the actual authority to foreclose, by requiring it to officially produce the original promissory note in the lawsuit.
If you live in a “nonjudicial foreclosure” state, such as California, Texas, or the thirty or more other states with similar procedures, you can still use this strategy. The homeowner has to file a lawsuit against the party trying to foreclose.
| For more details on this strategy watch the video below | |
Before completing and sending in a loan modification request package, you may want to obtain some coaching on how to submit your package to have the highest chance of getting approved
You can check out the website for the DIY loan modification kit here
Related posts:
- Question: For a citimortgage loan modification what does it take to get approved? Question: How do I get approved for a loan modification with Citimortgage? Answer: To start the approval process for a...
- Question: For an hsbc loan modification what does it take to get approved? Question: How do I get approved for a loan modification with hsbc? Answer: For an HSBC loan modification you will...
- Question: For Countrywide loan modifications what does it take to get approved? Question: What do I have to do to get approved for a loan modification with Countrywide, now WAMU? Answer: To...
- Question: Do loan modifications really work to stop foreclosure? Question: Do loan modification really work to stop foreclosure? Answer: Yes. Loan modifications are one of the best ways to...
- Question: Is a loan modification a real way to stop foreclosure? Question: Is getting a loan modification a legitimate way to stop the foreclosure on my home? Answer: Yes it is....