| In the Unites States, Bank of America has been the | | | | and the best one suited for the situation will be set up. |
| largest financial institution to offer its help with loan | | | | The following are guidelines for an applicant when |
| modifications and government help. This year, their | | | | applying for a loan modification with Bank of America: |
| modification program has created almost 39,000 | | | | 1. Request an application and fill it out completely. If it is |
| modifications for customers with financial difficulties. | | | | requested online, you will receive it much faster. |
| Bank of America is now offering this help to all existing | | | | 2. Have all the documents needed before starting to fill |
| homeowners not able to pay their current mortgage | | | | out the application. This will include: income, expenses, |
| loan with the bank. There are now many different loan | | | | bank statements, credit card statements and all other |
| modification programs for a homeowner with a history | | | | debt. |
| of default. | | | | 3. Write a letter of hardship. Approval for modification |
| A loan modification with Bank of America may be able | | | | will not be granted unless the cause for it is proven. |
| to provide lower interest rates, waived late fees, | | | | State in the letter what event(s) have caused the |
| dismissed foreclosure frees, a reduction in the principal | | | | current financial situation and what steps have been |
| and an increased tenure. Not all of this help in | | | | taken in paying the mortgage. Also make sure to state |
| modification is given to every customer, but is | | | | how important it is to be able to keep the home. |
| considered for each applicant. To qualify for loan | | | | 4. All information provided in the loan modification |
| modification with Bank of America, contact first has to | | | | application will be checked; give accurate and correct |
| be made with them to discuss current financial | | | | on the application. |
| difficulties and possible solutions. The mitigation | | | | 5. It is important to stay in contact with Bank of |
| department will begin the process of the loan | | | | America regularly to get the proper approval. |
| modification. Many options will be given to choose from | | | | |