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Bank of America Loan Modification

Bank of America Loan Modification is one of the best assistance programs made available by the bank to eligible borrowers facing defaults and late payments. A large number of home buyers use mortgage loans from Bank of America to buy their home and many of them face home foreclosure because of inability on their parts in making the monthly payments. Facing foreclosure can be very irritating and in order to help homeowners keep their home, a number of Bank of America loan modification program has been introduced to the borrowers.

Bank of America Mortgage Modification

Bofa mortgage modification programs were specially designed to help those homeowners who are most likely to face home foreclosure. These modification programs have enabled a large number of homeowners to avoid foreclosure and keep their home. Bank of America has also stated that they are looking to work harder to modify more mortgages in the year 2010. Some of the most popular mortgage modification programs offered by Bank of America include;
  • Making Home Affordable
  • National Homeownership Retention Program
  • HOPE NOW program
Making Home Affordable is a modification program backed by the Federal Government to stop the increasing foreclosure in the United States. The National Homeownership Retention Program is another effective loan modification program that offer refinancing options for FHA loans, mortgage modification with reduction in interest rate and principal amount. On the other hand, HOPE NOW is an effective foreclosure counseling service providing effective advice and helps to the homeowners to avoid foreclosure of their properties.

Bank of America Loan Modification Department

The loan modification department of Bank of America handles all the processing of loan modification for eligible homeowners. The department can also be contacted to get a number of assistance while applying for a loan modification program. Customers can contact the department either by phone or by visiting the official website of the bank. Phone number for Bofa loan modification department is 1.800.669.6607.

Bank of America loan modification process involves some hassles as it may take some time and a number of documentation and paperwork. Several hours of homework should be done and several documents will have to be submitted to the bank in order to get approval for the loan modification. Applicants are required to have some idea about the mortgage modification requirements if they want to make an informed approach. It is mandatory for the borrowers to be under financial hardship in order to get their loans modified through the bank. Moreover, they must be able to convince that they have perfect plans to accommodate the new payments that results from loan modification. Study loan modification approval guidelines, collect all the essential documents and prepare an impressive hardship letter to make a complete application.
Bank of America offers affordable refinance and loan modification programs to help borrowers facing financial hassles. Check the official website to find more info on their assistance programs.



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