If you are having difficulty making your mortgage payments, you should learn how to get info about modifying a mortgage loan with Bank of America. Like most lenders, in most cases Bank of America would rather do a modification instead of foreclosing on your home loan. If you are unable to refinance your mortgage loan, getting info about modifying a mortgage loan with Bank of America will help you decide if restructuring your existing loan is right for you.
- Before you contact Bank of America, write a hardship letter. Describe why you want to modify your loan, and put down the details of how a mortgage modification will benefit your current situation.
- Contact your Bank of America mortgage loan officer. Tell her you want to get info about modifying a mortgage loan with Bank of America, and give her your hardship letter. She will have you complete a mortgage loan application, so she can verify your current employment and pull your credit history.
- Once your application is processed, the loan officer will contact you. She will tell you what type of modification the bank approved. This could be a principal reduction, or in most cases an extension on the terms of your loan. Make sure when you get info about modifying your mortgage loan with Bank of America that you understand the new loan terms before you accept the loan officer’s proposal.
- Set a time for the loan closing. Now that you have the info about modifying your mortgage loan, close on your loan and be sure to find out when the payment is due. Many times you will have an extra 30 to 45 days until your next payment, which can help you rebuild some cash.
- If you continue to have problems, contact your loan officer. Having more information may have helped you make your decision to use a modification, but that still may not solve your financial problems. Do not wait until the loan becomes delinquent to call your loan officer. The bank may be able to further restructure your loan to help you avoid a foreclosure.