The Loan Modification applied with Bank of America has undergone tremendous changes. These changes have been carried out to help the financially ailing homeowners to apply for the mortgage loan modification process and get the approval within stipulated period of time, which is usually 30 days. Have you already applied for Bank of America loan modification and eagerly waiting to hear for the approval? Or is that your mortgage modification application has been denied by Bank of America? Do not wait for more days as you can now take the benefits of new modification process initiated by Bank of America. The federal government Home Affordable Modification Program (HAMP) is already making waves for over a year, but Bank of America who received huge number of applications were least concerned about those applications and dumped them somewhere in the corner. The modified HAMP modification process has not only become easy to apply, but it has become even easier to qualify for the modification of loan under the process. The time of approval has decreased phenomenally and long waiting is just out of question.
Updates on Mortgage Application and Approval Process:
- Receiving of Acknowledgment and application paper work within 10 days after homeowner files the request for a Bank of America loan modification.
- The homeowner should fill the application and then send it back to Bank of America along with hardship letter, financial statement detailing their income and expenses, 2 most recent paychecks, and a signed 4506T form.
- After receiving the complete package, Bank of America will assess and review it for approximately 30 days and then make the final decision on whether to approve or deny the application.
Get ready now to be on top to become eligible under Mortgage Loan Modification program. It is important to point here that Fed has provided with new guidelines to the servicers like Bank of America and many more as a result of which loan modification terms have become easy. Moreover, the review and approval time for mortgage application has also greatly reduced. If you are serious about modification of mortgage loan through any servicer, there are fair chances that your loan application will be approved within period of 30 days. In the recent past, Bank of America and many other servicers were having difficult time to control the paper work at their end and as a result many of loan applications were buried under the table. This made poor homeowners kept waiting for months in vain without any information available on their loan application. It was really very confusing state of affairs.
You need to check with the Loan Modification Lenders. Compare and shop for them either on the Internet or meet them personally.