Bank of America Loan Modification; The Requirements For Loan Modification Program

Bank of America Loan Modification; The Requirements For Loan Modification Program

In case you are encountering some really terrible financial issues, you can take advantage of Bank Of America Loan Modification program. This government sponsored program is meant to help all those hapless souls in need of financial assistance, whose loans are serviced by Freddie Mac or Fannie Mae by helping them in lowering their monthly payments. However, there are quite a number of requirements one needs to fulfill for getting benefit of the loan modification program. So, take a look at what are the few requirements needed.

1. The home loan should be borrowed for the home you inhabit.

2. The loan should not have been borrowed before 1st January, 2009.

3. The complete mortgage payment being paid every month should exceed from 31% of the aggregate monthly salary.

4. The loan modification is only applicable for the first home loan and not the subsequent one.

5. You can avail the Federal loan modification program just for once.

6. The total sum you owe to the lenders should not exceed $729,750.

7. The loan needs to be serviced by either Freddie Mac or Fannie Mae.

8. You need to have genuine monetary troubles erupted because of loss of employment, divorce, medical emergency etc.

In case you fulfill all the requirements set in the eligibility criteria for Home affordable modification program, you had better get in touch with the regional office of Housing and Urban Development. The Home affordable program is basically a Federal government's program launched in association with the Bank of America which offers the loan modification to assist the public. Bank of America is a primary lending contributor in Obama's loan modification program to help people by lowering the monthly mortgage payments. The modified home loan payment constitutes all the charges like principle, interest, mortgage insurance, property taxes and HOA dues.

In case your application gets approved for Federal loan modification, be prepared to provide all the financial information like pay checks, bank statements, tax returns etc. Bank of America loan modification plan is a great way to help resolve the financial troubles of people since it reduces the interest charges. One needs to fulfill the eligibility criteria set for availing Home affordable modification however, even if you somehow do not meet the requirements, you can even then get assistance from bank of America, provided you could pay about 31% to 40% of your total monthly salary.

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