Bank of America is one of the largest and best institutions in North America. As the economic has turndown its becoming tough for a number of home loan borrowers to repay the home loan, the bank has initiate a loan modification program. There are number of Loan Modification Companies in the market but it’s better to apply through Bank of America loan modification is also associated through the Federal loan modification program.
If you’re a home loan borrower from bank of America, and facing trouble while repaying the loan due to a frail financial situation, check with the bank personnel to see if you get eligible. Previous to you go for refinancing or foreclosures look into the alternative of Loan modification. It can be a better and cost efficient option for you.
The eligibility conditions for bank of America modifications are:
To get eligible for bank of America modification plan, the date of receiving of subprime mortgage or adjustable interest rate mortgage need to be before Dec 31 2007. The borrowers need to be delinquent for more than 60 days, before being measured for loan modification program of Bank of America. A borrower who is present now however turns to be delinquent for 60 days or more at any time before June 30, 2012 is also qualified for Bank of America loan modification plan. A borrower who got a subprime mortgage with adjustable rate mortgage and may turn to be delinquent at any time before 30th Dec 2012 due to the rate reorganizing which shooting the mortgage payments beyond the capability of the borrower.
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The loan to price of the property ratio should to be more than or equal to 75% prior to the borrower could be considered for the home loan modification program. . The possessions on which the mortgage is required need to be the primary residence of the borrower. The debt to income ratio (DTI) of the borrower should at least 34% to be capable of be approved for loan modification to be able to spare for the mortgage installments as you taking care of schedule monthly expenses
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