As more and more people fall prey to the financial crisis, the Bank of America home loan modification program is becoming more and more popular everyday. But there is a problem. Most people go about trying to get a loan with BOA using completely wrong strategies. In this article I am going to reveal 3 killer tips for making the best of a BOA loan application.
Tip #1: Provide Adequate Proof of Sound Finance Management
When you apply for any modifying loan, you’ll be required to show that you are able to meet the new terms of the loan. This involves providing detailed records of past as well as current income and expenses.
It is critical that whatever you present as proof is accurate, and gives a clear picture of how you are going to make the new payments. It is a good idea to get rid of any expenses that are not absolutely necessary. This will show initiative on your part and will help your application a long way.
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Tip #2: Get A Detailed Hardship Letter Drafted
The Bank of America home loan modification program is no different from other programs and one of the key pillars of qualification is a well presented hardship letter. The letter should be concise and accurate.
It is very important that your letter gives a clear picture of your circumstances, how you got there and what steps you have taken to remedy the situation. The letter should also convey ‘need’ since you’ll be vying for funds that are limited. Try to evoke compassion without appearing to beg.
Tip #3: Check That You Meet Debt/Income Requirements
Qualifying for a modifying loan is hinged heavily on your debt/income ratio. The guideline stipulates that before you can be considered, your monthly mortgage payments must exceed 31% of your gross monthly income. The higher you are over the threshold, the greater your chances of qualification.
The above three tips can help you make the best of the modification loan process but you can get even better results if you use the services of a loan modification company. They’ll assist you drafting an effective hardship letter and presenting a
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