The foreclosure rate has been increasing day by day.
Homeowners are suffering from stress due to the high demands of the mortgage.
But getting the Bank of America loan modification will the best way for foreclosure prevention.
What is a loan modification?
If the homeowners are finding it very hard to pay the mortgage with the current terms, they can request the lender to modify the terms of the loan so that the mortgage payment becomes affordable to them.
This is termed as loan modification and is one of the major ways to prevent foreclosures in our country.
But these solutions have not stopped the foreclosures fully. There are foreclosures and evictions happening every day. Homeowners are struggling hard to find houses for rent.
So there is still a long path to travel. There are other solutions to stop the sheriff sales but most people prefer getting mortgage modifications.
Bank of America foreclosure prevention:
There are three ways for foreclosure prevention:
- mortgage forbearance
- loan modification
If you are planning to get the mortgage modification, here are some guidelines which you must follow to maximize the chances of approval by the lenders.
Make sure that you are completing all the required details in the application form.
For all doubt clarifications, you can contact the lender, all the required documents need to be given to the loss mitigation department that will be reviewing the application.
The hardship letter must be precisely written and should not contain unwanted details.
There are many resources on the internet that you can use to learn about the hardship letters.
Getting professional help would need you to spend an amount which could range from 2000-3000 dollars.
So make sure that you are able to spend that much if you are planning to get professional help.
For more details, you can have a look at the Bank of America loan modification page.