Successfully navigating the Bank of America Loan Services loan modification department can be a test of persistence, patience and knowledge. Homeowners are being helped every day with a loan workout, but the secret to success is being prepared and informed. You can't just slap something together and hope it will work. The lender has a standard process which must be followed and certain approval requirements that you must meet. When you understand how to meet those guidelines, you are giving yourself the inside edge you need.
The process involved for Bank of America loan modification basically includes 4 steps. Once you understand what to expect and how to navigate this procedure, you will be able to take control of your loan workout proposal.
- Contact the bank and ask for the Loss Mitigation Department. Do not waste your time speaking with any other department! Tell the counselor that you are facing a financial hardship situation and want to apply for a loan modification. Ask them to send you an application packet or go onto the website and download the paperwork. A good idea is to use the generic forms so you can practice and then just transpose the information onto the lender forms-you can get your forms in the #1 resource for homeowners, The Complete Loan Modification Guide.
- CAUTION: do not give any of your financial information to Bank of America until you have learned more about how to properly complete your loan modification forms. This is critical-if you do not know what the approval requirements are and how to adjust your budget so you can meet those requirements, you are taking a big risk of being declined. Use the best selling software designed just for homeowners that automatically figures your debt ratio, target payment and disposable income for an accurate and acceptable financial statement.
- Prepare all of your forms ahead of time, making sure that you meet the debt ratio guidelines, have written an acceptable hardship letter and included all of the required income and asset documentation. Confirm that your debt ratio is acceptable and know what your target payment is. Make copies of all of this paperwork for your records, then email or fax it into the bank, as well as mail it. Call in 5 days to confirm that your information has been received and logged into their system. Learn how to calculate your debt ratio, find your 31% target payment and pre-qualify in Chapter 2 of The Complete Loan Modification Guide.
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You will be contacted for a short telephone interview. Make sure you have all of your paperwork in front of you, then you can refer to it in case you need to. This is critical-you do not want to be stumbling around and say the wrong thing. Once you pass this final hurdle, you will be mailed your loan workout proposal. Review it carefully, sign it with a notary and send it back right away.
When you understand the Bank Of America requirements for loan modifications, you will be able to tailor your application so that it has the best chance of meeting those guidelines. It is important to understand the debt ratio requirements, disposable income requirements and acceptable financial hardship situations before you begin the application process. Now is not the time to take chances-learn, prepare, then apply for help.
Get the help you need to prepare your own accurate and acceptable Bank of America loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. 
You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn't be easier-end the frustration-Visit myloanmodificationcenter.com and order today.
