Bank of America Home Loan Modification, One of the Biggest Lending Institutions

Bank of America is one of the largest and best institutions in North America. With the economic downturn, it is becoming tough for a number of home loan borrowers to repay the home loan. As a result, the bank has initiated a loan modification program. There are a number of Loan Modification Companies in the market, but it’s better to apply through Bank of America loan modification, as it is also associated with the Federal loan modification program.

If you’re a home loan borrower from bank of America, and facing trouble while repaying the loan due to a frail financial situation, check with the bank personnel to see if you are eligible for assistance. Prior to opting for refinancing or foreclosure, look into the alternative of Loan modification. It can be a better and more cost efficient option.

Check If You Qualify For Bank of America Home Loan Modification Plan

The eligibility conditions for bank of America modifications are:

To be eligible for the Bank of America modification plan, the date of receipt of a subprime mortgage or adjustable interest rate mortgage needs to be before Dec 31 2007. The borrowers need to be delinquent for more than 60 days, before being measured for home loan modification program of Bank of America. A borrower who up to date with payments, but becomes delinquent for 60 days or more at any time before June 30, 2012 is also qualified for the Bank of America loan modification plan. A borrower who got a subprime mortgage with an adjustable rate and may beocme delinquent at any time before 30th Dec 2012 due to rate adjustments elevating mortgage payments beyond the capability of the borrower.

The loan to price of the property ratio should to be more than or equal to 75% prior to the borrower being considered for the home loan modification program. . The possessions on which the mortgage is secured need to be the primary residence of the borrower. The debt to income ratio (DTI) of the borrower should be at least 34% to qualify for loan modification to be able to spare for the mortgage repayment if monthly expenses are well managed.