Bank Of America Loan Modification - Insider Secrets Exposed
Have you ever been to a supermarket the day before a giant storm? It's a madhouse, there's broken eggs in aisle 9 and nobody to clean it up, the shelves are empty and can't be restocked until tomorrow, and when you're ready to check out, the shortest line has a hundred people in front of you. This is a good comparison to getting a loan modification done with Bank of America. They are faced with a massive workload every day and never enough trained staff to handle it all. You must face this just as you would walking into that supermarket, take a deep breath and form a plan. The more you know about what you're walking into, the better your chances of success.
The first thing to understand is that common sense will never be a factor in the outcome. Bank of America gets thousands of new loan modification requests every day and the only logical way to handle the workload is by creating a very rigid, automatic system that determines "qualified" from "denied" loan modifications. The outcome is very rarely determined by a human decision maker, its based on numbers. The only numbers that really matter with Bank of America are your income, expenses, and monthly payment. It is typical that the decision will be made based on these numbers alone. You should always research Making Home Affordable financial guidelines before beginning this process. This government program is usually your best option, and most investor/traditional loan modifications are beginning to adopt these same guidelines for their own analysis.
The next thing to understand is the incredible amount of patience and persistence that you will need throughout this process. The loan modification process with Bank of America takes 60-90 days. In other words, no matter what you will start at the "back of the line with all your groceries". Throughout the process it's ok to call once a week, but twice a week is advised. You shouldn't expect amazing results with every call, they move slow and its very important to find out if they are requesting updated documents. If thats the case you should get them the requested info asap. Many people have learned the hard way by having their review closed after 10 days of inactivity and they have to move to the back of the line, only to begin the entire process again.
The final thing to understand is the end stages of your review. This is when you have finally "reached the cash register" and your income, expenses, and monthly payment will all be reviewed to determine if they fit within the guidelines for loan modification. This is where you will be glad you spent the extra time in the beginning researching Making Home Affordable Guidelines. You have waited all this time and made so many phone calls and outgoing faxes, you don't want to be crossing your fingers when the time comes to review your numbers. Spending the time or speaking with a professional will certainly give you a sense of confidence that all the hard work will pay off.
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