Experts are of the opinion that Bank of America Mortgage Modification intents at saving your home from the danger of an impending foreclosure by offering relief in your monthly mortgage payment. This is performed either by reducing the principal amount or the interest rate you pay monthly. This is done through a refinance option made available by a federal agency.
Then, the federal government announces mortgage modification programs from time to time so that it decreases the number of foreclosure instances in the country. It is possible that you could be one of the beneficiaries of such programs if you can make use of them properly. The help that is available in this regard takes into account the amount you owe and your current payment status. The current payment status comes along with the lender you borrowed money from.
It is observed that mortgage modification is considered as a process where the terms of a mortgage are changed outside the original terms of the contract agreed to by the lender and borrower. In general, experts believe that any type of loan can go under modification.
Bank of America Mortgage Modification Program
Experts are of the opinion that Bank of America offers several mortgage modification programs. This helps the home owner get multiple options for saving his/her home. Many of these plans follow the guidelines offered by federal administration which further makes it easier for a home owner to avail the opportunity.
Bank of America mortgage modification programs are-
- Making Home Affordable- This plan was recently announced by the federal government to reduce the number of rising foreclosures in the US. The help is offered through easy refinance options.
- National Home ownership Retention Program- This program is available for the countrywide customers as well as Bank of America customers. The options that are offered include refinancing through FHA, mortgage modification through change in your principal amount and interest rate.
- HOPE NOW- This is a special foreclosure counselling service. It offers free advice. This helps you prevent foreclosure and retain home ownership.
Mortgage Modification Requirements of Bank of America
While you avail for a mortgage modification program, it is required that you furnish details of your property and financial situation. Therefore, you must stay prepared with the required information when you seek mortgage modification assistance from Bank of America. There is a possibility that you may be asked to supply information regarding the address of your property, your loan number, bank statements along with tax returns, sources of income, expenditure details and the current financial condition. Your eligibility for a mortgage modification program is further determined by the information you supply to the Bank officials.
About the Mortgage Modification Department of Bank of America
It is advised that if you face any sort of hassle to keep up with the payment schedule of the mortgage, then contact the Mortgage Modification Department. The officials of the mortgage modification department are available through various modes of communication. Department will help you avoid a foreclosure as the people from mortgage modification dept. will advice you according to your requirements. It is possible that you contact the department online by visiting its website. You can also contact them through phone. Their phone numbers are available in the internet.