| Are you in trouble with your Bank of America | | | | The incentive from the government adds to their |
| mortgage? Does it appear that foreclosure is on the | | | | desire to assist you if possible. Before you contact |
| horizon, and you don't see any way out? Have you | | | | Bank of America, you need to do all your homework. |
| thought of asking Bank of America for help? They are | | | | You need to first determine if you qualify to apply. |
| a participating lender in the 2009 Home Stimulus Plan, | | | | Here are a few of the guidelines: |
| and the government is paying them $1,000.00 for | | | | * The home is a primary dwelling. |
| every qualifying homeowner like you that they can | | | | * The original Bank of America loan was written on or |
| help with a Bank of America Loan Modification. This is | | | | before January 1, 2009. |
| a totally new, reworked loan from your existing | | | | * The loan amount is not more than $729,750. |
| mortgage with this lender. The goal is to get you a | | | | * The current house payment is more than 31% of |
| house payment you can live with: less than 31% of | | | | your gross monthly income. |
| your gross monthly income. | | | | * You have experienced a verifiable case of Financial |
| How do you go about asking Bank of America for | | | | Hardship that has made your mortgage payment |
| assistance in keeping your home? Well, first of all, you | | | | difficult or impossible to afford. |
| need to realize that Bank of America doesn't want to | | | | * You can also verify through documentation that you |
| repossess your home under normal circumstances, but | | | | will be able to afford the new, modified payment. |
| in this economic climate, it is even more unpleasant and | | | | There are other application guidelines that you need to |
| expensive for them to process. With home sales | | | | understand before you apply for a Bank of America |
| failing, foreclosed homes can sit vacant and | | | | Loan Modification. |
| unproductive financially for a long time. | | | | |