| Are you looking for a lower monthly payment on your | | | | however, conduct an employment verification over the |
| current home mortgage, or are you behind in your | | | | phone. Through the straight-line refinance, home |
| home loan? | | | | owners can reduce their monthly payments with the |
| The United States Government recently passed laws | | | | lower interest rate and could also extend the years on |
| to help home owners who may be in or close to | | | | the loan in order to reduce the minimum payment even |
| foreclosure. The new mortgage modification laws | | | | more. |
| change the terms of the original home loan, so that the | | | | Other modification programs from Bank of America |
| owner may have a smaller monthly payment, lower | | | | include a cash-out refinance, reverse mortgage, and a |
| interest rate, longer loan term, or reduce the principal | | | | first-time buyers plan. Dependent upon what state you |
| loan amount. The modification mandates from the | | | | live in, they also offer other changes to your existing |
| federal government provide additional help for | | | | mortgage. You can find out which loan plan you qualify |
| consumers through a reduction in late fees and | | | | by state on their website, at You can also fill out an |
| penalties, and by capping the monthly payment amount | | | | application online to get the loan modification process |
| to a predetermined percentage of the monthly | | | | started. |
| household income. | | | | The new government mandates allow the borrower |
| Bank of America presently offers several different | | | | to modify their existing mortgage whether they are |
| mortgage loan modifications. Current Bank of America | | | | current, in default, in foreclosure, or bankruptcy. These |
| customers qualify for a straight-line refinance program, | | | | programs are a benefit to borrowers, in that by |
| and dependent upon the prime interest rate, may get | | | | modifying the existing mortgage, current borrowers are |
| an interest rate as low as 4.3% fixed term. With this | | | | able to put more cash in their pocket each month, and |
| refinance, they do not check credit scores, do not | | | | home owners in bankruptcy or foreclosure will not lose |
| require paystubs, or W-2s, and current clients do not | | | | their homes. |
| have to fill out another loan application. They do | | | | |