How the Bank of America Loan Modification Program Could Save You Money

How the Bank of America Loan Modification Program could save you money. It is easy if when the bank allows for a modification to your mortgage. Most banks will not want to make a modification until the borrower is already behind in payments. May 5 of 2009 it was reported that the Bank of America is willing to assist home owners retain their homes as long as they are willing to make a reasonable mortgage payment. This modification is often called forbearance. This is only a temporary agreement that allows the home owner to make only a partial mortgage payment but this will have to be made up in the future.

There are others that can qualify for this modification program if they can prove that by making their current home mortgage it would cause irrefutable financial hardship to the homeowner and their family. There is current a form that can be filled out with the Bank of America to submit your qualifications for this program.

If accepted you may receive lower interest rates and this is the best outcome. For others a deferment of payments will only be a temporary fix. This is an attempt by the bank to still get the entire original mortgage loan out of you. Insist on a lower interest rate that is permanent for your loan. The Bank of America has already lost their court case because of some of their shady dealings in the mortgages they wrote.

Most of all be patient and remember the person you are dealing with at the bank is just a person like you and me. Be respectful but firm. The Bank of America does not need any more homes going into foreclosure and they will do what they can to prevent it for their sake, not yours.

A lower interest rate is how the Bank of America Loan Modification Program could save you money. If you would like to know more about this, please visit Bank of America Online Banking.

Comments (1)

One Response to “How the Bank of America Loan Modification Program Could Save You Money”

Matt Says:
June 3rd, 2009 at 1:53 pm
Thanks for the tip. This is the first I’m hearing of this. It’s good to say that Bank Of America is offering a way for people to keep their homes in these tough times. As you said though, “Bank of America does not need any more homes going into foreclosure and they will do what they can to prevent it for their sake, not yours.”