If you’re a homeowner in the United States who is struggling to make ends meet in the midst of the current housing market crisis and you are facing the threat of possible foreclosure, obtaining a loan modification represents an effective way to obtain permanent and significant financial relief. As a Bank of America customer, there are a number of options that are available to you in the pursuit of bank of america loan modification success.
You may decide to pursue a Bank of America loan modification via the federal HAMP program. The HAMP program (Home Affordable Modification Program) was initiated in 2009 by the Obama administration as a vehicle to provide struggling homeowners in America with financial relief in the form of the modification of their mortgage. Although this program is offered via BOA, it is subject to the federal HAMP loan modification guidelines that govern its administration and application.
Currently the deadline for HAMP has been extended to the end of 2013. To learn more about the program extension, please check out this blog: http://www.mycaal.com/blog/hamp-program-to-undergo-some-tweaks. Homeowners who have applied for the program before but whose applications have been denied have the option of reapplying if there has been a change in their circumstances that makes it easier for them to meet the projected modified mortgage payment (while still falling short of the amount needed to meet their current mortgage obligation), or whose situation has worsened and now falls more in line with recognized financial hardship.
Apart from the federal HAMP program, Bank of America also administers its own in-house proprietary loan modification program. The Bank of America loan modification forms that are relevant to this option are in keeping with its own internal bank of america loan modification requirements and guidelines. In order to become familiar with the Bank of America loan modification application process we recommend you visit the guide entitled “Bank of America loan modification forms” before submitting your bank of america loan modification application.
Between the HAMP program and BOA’s own mortgage modification platforms you are bound to find a solution that is suitable to your circumstances. However, being eligible to apply for a loan modification is not enough. The process can be daunting and complex without expert loan modification help. As mentioned in the guides linked to in this article, your best chance of receiving loan modification approval is to submit your application with the support of MyCaal loan modification software, adhering to all the applicable bank of america loan modification approval guidelines.
Why shouldn’t you be one of the bank of america loan modification success stories? MyCaal.com puts you in the driver’s seat with regard to understanding exactly where you stand and what you are qualified for given your circumstances, and assists you in communicating with the bank so that you have access to accurate bank of america loan modification status updates. It also helps you ensure that the application you are submitting lacks nothing and is completely accurate, which means you can expect to benefit from a far more streamlines process. As it relates to bank of america loan modification news, this is certainly of the good variety. Submit your application with the insight gained from important bank of america loan modification tips.