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Bank of America Mortgage Modification |
Bank of America Mortgage Modification Program can surely help you if you are finding it hard in making timely repayments of your mortgage loan. It is quite natural for many of the borrowers to face financial difficulties while paying their monthly payments. However, making defaults on your mortgage payments may result into serious consequences like home foreclosure. So if you are facing financial hassles or likely to face in future then contact the Bank of America mortgage modification department for available assistance. In order to get a suitable mortgage modification program you will have to fulfill certain requirements depending on the programs applied.
Bofa mortgage modification can be made in cooperation with the current efforts made by the federal government to reduce the increasing foreclosure incidents. The followings are the available mortgage assistance programs made available to eligible homeowners based on their loan amount, their lender and their present condition.
- Making Home Affordable
- National Homeownership Retention Program
- HOPE NOW Foreclosure Counseling
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Making Home Affordable program is an initiative taken under the Obama administration to significantly reduce the rising number of foreclosures. The primary objective of the program is to make it easier for the borrowers with financial problems to refinance their mortgage and get an affordable repayment term. Under this program, a large number of homeowners will be assisted with flexible mortgage loan modifications.
On the other hand, National Homeownership Retention Program is offered to Bank of America customers and former Countrywide customers who have trouble in making their mortgage payments on various types of loans. Eligible borrowers will be able to get the advantage of refinancing through FHA (Federal Housing Administration). FHA offers mortgage insurance for some kind of residential mortgages. They set standards and guidelines for underwriting the mortgages and during construction of homes which are secured by the mortgages.
Bank of America mortgage modification process will be based on the affordability of the borrowers. HOPE NOW Foreclosure Counseling can also be obtained if you think that you may lose your home on foreclosure. HOPE NOW provides free counseling an advice that can assist you on the way to recovery. Before you make your mortgage modification application, you are advised to prepare the following information.
- Property address and loan number
- Recent income papers
- Bank statements for last two months and recent tax returns
- Lists of your expenses
- Brief description of your present financial condition
For more information you may call at 1.888.995.HOPE or 1-800-669-6607. Also visit the website of the bank for more details on mortgage modification forms, modification problems and mortgage modification lawsuit.
Website: http://learn.bankofamerica.com/articles/home-loans/having-trouble-making-mortgage-payments.html
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