Eligibility For Bank Of America Home Loan Modification

The applicant can become eligible for the Bank Of America loan modification program by meeting the following Bank Of America loan modification guidelines:

• Your subprime or adjustable rate mortgage (ARM) should have been availed before December 31, 2007.
• The applicant has to be delinquent on the mortgage payments for more than 60 days.
• If the applicant has been regular in making the mortgage payments in the past, but has been delinquent for more than 60 days at any time on or before June 30, 2012, he or she can apply for the home loan modification.
• The ratio of your mortgage loan to the current property evaluation price should be more than or equal to 75%.
• The existing mortgage should be the primary residence of the applicant.
• The debt to income ratio (DTI) should be at least 34%.
• The applicant must have enough monthly income to redeem the proposed B of A loan modification monthly installments.

If you find it difficult to meet the eligibility criteria, it’s recommended you have a talk with our home loan modification expert who can guide you and help you qualify for the loan modification.

Benefits of Bank Of America Loan Modification

The BOA home loan modification is very popular amongst mortgage debtors since the loan modification offers the following benefits:

• You not only save your house from foreclosure, but also stay in your home with dignity and home values well preserved.
• Your BOA loan modification terms and conditions are altered as per your needs and affordability, so you can successfully pay off your monthly mortgage payments over the entire modification term without getting financially distressed.
• By making regular payments, you improve your credit status and ratings.
• No income verification needed for your debt to income ratio (DTI)
• You can avail your home loan modification irrespective of your credit status or ratings.
• You benefit by paying the lowest mortgage interest rates, and highly affordable monthly mortgage payments for your modified home loan.
• If you’ve fallen behind on your monthly payments, the late fees and penalties will be either waived off or added at the end of your current mortgage loan. You won’t have to redeem any extra amount, and have to pay your modified mortgage loan amount only.

It’s important to avail the actual BOA home loan modification to benefit from it, and MortgageITT’s mortgage modification experts can help you get your loan modification by aiding you in your application process.

Availing MortgageITT’s Bank Of American Home Loan Modification

The Bank Of America tries to help struggling home owners in their mortgage redemption process, and the BOA loan modification services offered by MortgageITT can further simplify the process for you. Our home loan modification experts can propose a BOA home loan modification plan that’s tailor made as per your requirements and affordability. Furthermore, if you’re facing a foreclosure, or likely to face a foreclosure in the near future, our home loan modification attorneys can negotiate with your lender and help you get an affordable BOA loan modification that can help you redeem your mortgage liabilities and save your home as well. Our home loan modification professionals will help you in:

• Providing guidance in gathering the documents necessary for the loan modification process, and ensure they get approved by the lender.
• Helping you become eligible for your BOA loan modification. MortgageITT’s team of home loan modification attorneys can study your particular debt conditions, and propose a home loan modification plan that works in your favor, as well as gets approved by your lender.
• Aiding you with your hardship letter. It’s important for the hardship letter to contain at least three critical factors describing your financial hardship and inability to repay your existing mortgage, and so it should be self explanatory and convincing for your lender to approve it. MortgageITT’s loan modification attorney can guide you how to go about it and make sure it’s drafted as per standard norms, and accomplishes its basic purpose.
• All details include in your application is verified by the bank personnel, so it’s important to include facts that meet the verification. At times applicants don’t have the required documents, or if they have them, they convey a negative status which could lead to the application’s rejection. So applicants tend to hide the facts, or represent them in a positive manner. This can often lead to a rejection of your home loan modification application. Our loan modification lawyers will make sure all the documentation included in your application is acceptable and your application meets the verification standards by providing specific ethical solutions to overcome the negative points.

What to do now?

Please provide us your contact details by filling up our online application form so our BOA personnel can call you up at your time and convenience and guide you with your BOA home loan modification. The services provided are free and non-binding.