Do you have a loan with Bank of America? If so, you can modify your loan in about a week if you qualify. How do you qualify?
Well, if you have a fixed rate loan at a decent interest rate, chances are you are not going to qualify. Most of the people who get approved have an adjustable rate loan that is either going to adjust or has adjusted to something unaffordable. This is not to say that you won't be qualified if you have a fixed rate loan, but it does hurt your chances.
How does it work?
Pretty simple. You give a specialist authorization to speak with B of A on your behalf, along with some other simple information. This includes your loan # and a short hardship description. Once the authorization is complete, the specialist can call up your lender and let you know if you are approved or declined.
Then what happens?
If you are denied, you still have other options. The "Obama mortgage plan" is getting good results we can qualify you for that. There are other programs as well, but sometimes you have to just bite the bullet and short sell your house if you can't afford it anymore.
If you are approved, you wil be told your new payment and interest rate. If it is beneficial to you (for example it lowers your payment and does not raise it - some modifications do) you can choose to proceed. Most of the time you payment will go down. It depends on what kind of loan you have. We have seen fees waived as well. If you have a higher interest rate, expecting a 3% drop is reasonable. It's easy to find out what it actually is though, just apply.
All of this is done with no upfront fees. You do not have to pay anything to find out if you qualify and what your payment will be. This beats any modification plan out there by far. No more waiting 2-3 months to find out what the outcome will be. You'll know the outcome before you start- with verifiable results from your lender.
To find out more information, just visit the following links.
For more information or to see if you qualify, just visit the following links. bank of america loan modification or bank of america modification.
