Bank of America is a well known and trust worthy name in the US financial market. Now as the market scenario is changing in the US all the financial organizations are working out newer plans for the consumers. The new Stimulus Package introduced by President Barack Obama has brought in relief to the home owners as well. This plan has come up as a ray of hope for the stressed home owners dreading a foreclosure.
The package not only provides 'affordability' but also benefits the banks through its attractive incentives. So it's a package that is advantageous for both the ends aiming at the welfare of these home owners.
Given below are few tips to approach Bank of America for Mortgage modification:
Be very particular about your monthly payments, do not miss them. In any case if the payment is missed due to any of the reasons get in contact with the bank immediately through the hardship letter. Explain the reason for not paying the monthly payments in the best possible way. The reason given by you should be proved with correct facts and figures.
If the mortgage value is more than 105% of the current market value of the house, you are eligible to apply for the loan modification or the refinance.
In case your mortgage plan is owned or insured by Freddie Mac & Fannie Mae you can apply for the loan modification or the refinance as per the 2009 Stimulus Package.
You may seek for professional help from the counselors appointed by the US Housing & Urban Development Department (HUD) regarding the modification. These counselors act as your representative in front of the bank and present the case in a more refinancing mortgage manner. Unlike the private organizations, they do not charge you any fees. They are actually paid by the Obama Stimulus Package.
To know more about Bank of America Loan Refinance Programs and to check if you qualify
Click Here --> Bank of America Loan Modification Help
President Obama has offered $1000 incentive for home owners that mortgage refinancing for Loan Modification instead of Short Sale Or Foreclosure.
To know more about Latest Loan Modification Programs and to check if you qualify for Government Grants
Click Here --> Federal Grant For Homeowners
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