Getting a Bank of America / BOA mortgage modification loan is not as difficult as the majority of people think. In fact, if you go about the process correctly, you are almost assured of approval. Many people get it wrong however and I am going to reveal the 3 pitfalls to avoid in this short article. Avoid these and you'll be in the clear.
Pitfall 1 - Poorly Drafted Hardship Letter. One of the main causes of failure when people go for a boa mortgage modification loan is failing to sufficiently craft a winning hardship letter. The hardship letter is important because it outlines your present circumstances as well as any steps you've taken to remedy your situation. It also gives the lender an opportunity to adequately asses your 'need' for the loan.
If you are currently unemployed, you must possess an unemployment award notification letter that lists what your benefits are, when you will start getting them and when they will end. You should have bank statements of the last 12 months. Lenders require pages of the front as well as back, so see to it that you copy both the sides. Other documents related to finance that would be required would be 401K statements, statements of mutual funds, spousal and child support and so on.
How to Increase Your Chances of Getting Approved- If you are employed in a company for more than two years, lenders feel sure that you will get a new job easily. The lender will not think twice before providing you a loan. If you are unemployed but are able to produce a good credit history, lenders will be more than willing to deal with you as well. They will give you the option of mortgage modification as they feel that you can win the mortgage. If you are able to prove that you will be employed within a few weeks or months you have a much better chance of getting a loan modification.
So in summary, the 3 pitfalls above are the three main reasons for denial of a modification loan, but now that you have a firm grasp of them, you should have no problems. In fact, my parting recommendation is that you avoid any risk of denial all together and seek professional help. These professionals speak your lender's language and have the necessary experience to get your loan modification approved. There are plenty loan modification companies online that will handle your Bank of America loan modification.
Pitfall 1 - Poorly Drafted Hardship Letter. One of the main causes of failure when people go for a boa mortgage modification loan is failing to sufficiently craft a winning hardship letter. The hardship letter is important because it outlines your present circumstances as well as any steps you've taken to remedy your situation. It also gives the lender an opportunity to adequately asses your 'need' for the loan.
If you are currently unemployed, you must possess an unemployment award notification letter that lists what your benefits are, when you will start getting them and when they will end. You should have bank statements of the last 12 months. Lenders require pages of the front as well as back, so see to it that you copy both the sides. Other documents related to finance that would be required would be 401K statements, statements of mutual funds, spousal and child support and so on.
How to Increase Your Chances of Getting Approved- If you are employed in a company for more than two years, lenders feel sure that you will get a new job easily. The lender will not think twice before providing you a loan. If you are unemployed but are able to produce a good credit history, lenders will be more than willing to deal with you as well. They will give you the option of mortgage modification as they feel that you can win the mortgage. If you are able to prove that you will be employed within a few weeks or months you have a much better chance of getting a loan modification.
So in summary, the 3 pitfalls above are the three main reasons for denial of a modification loan, but now that you have a firm grasp of them, you should have no problems. In fact, my parting recommendation is that you avoid any risk of denial all together and seek professional help. These professionals speak your lender's language and have the necessary experience to get your loan modification approved. There are plenty loan modification companies online that will handle your Bank of America loan modification.
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