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Guaranteed Installment Loans For Bad Credit Bank Of America Loan Modification - Who Qualifies To Apply For A Reworked Mortgage?

01-Jun-2019 04:06 AM

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omeowners are terrified that the economic downturn in the United States offers no hope but foreclosure for their situation. The truth is that they are forgetting the option of reworking their mortgage. Some of the requirements vary at different banks, but a Bank of America Loan Modification has some of the following basic guidelines.

The first thing you need to consider is who services your home mortgage loan. It's not something everyone is aware of, so don't feel stupid if you aren't sure. You should Call Bank of America and ask a representative who can tell you exactly. Those who have a easy no fuss loans serviced by Fannie Mae or Freddie Mac may qualify for a federally funded loan modification plan. This program aims to provide house payments that do not exceed 31% of your gross monthly income.

What are some of the basic guidelines for this program? This home must be your primary residence, or the place in which you live. You can't owe more than $729,750, and the loan cannot be dated before January 1, 2009. Unless your house payment is more than 31% of your gross monthly income, you will not qualify. You are allowed only one loan modification and no more. If you think you might meet the qualification requirements, contact the local office of Housing and Urban Development, or HUD.

Although Fannie Mae and Freddie Mac serviced loans are what qualifies for the federally funded modifications, if yourinstallment payday loans online bad credit is serviced through a different program you might still be able to get some help through Bank of America. It won't be quite as advantageous as the federal assistance that has been funded with $75 billion dollars of bailout money! It is still a much better option than losing your home through foreclosure.

To be able to get help from Bank of America without the government program, you must be able to pay a payment that is somewhere between 31% and 40% of your gross monthly income. This is because there is no governmental assistance involved. You must live in the house, of course, and it has to be your first mortgage. You cannot have a previous refinance orpayday loans direct lenders bad credit modification in your history. If you feel that you might qualify, you need to send a letter explaining your financial situation along with all appropriate paperwork that documents the situation.


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