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Bank of America Loan Modification – Five Steps to Approval
Does paying your high monthly mortgage payment cause you stress or make you worry? Have you been thinking that you could get a better deal, like a Bank of America loan modification period? The Bank of America is known nationwide as a lending bank that is currently offering renegotiations for some of its borrowers. There are things you can make it easier for the Bank of America to approve your application. If you meet certain requirements, you can have your mortgage payments reduced. Before beginning these negotiations, follow these five steps.
1. Read and learn what the Bank of America requires in order to approve a loan modification. In order to be approved, you need to have a certain amount of disposable income and a specific debt to income ratio.
2. Get the paperwork in order. The bank officer will want to review all your documents in order to determine your qualifications. Make sure you have all the required documents before applying, as this will allow everything to proceed without delay. Improper or incorrect paperwork could also result in rejection of your application.
3. You must have a Hardship Letter. This letter must be convincing, compelling and clearly outline that you have or will suffer serious hardship if you have to continue paying your current monthly payments. There are three important parts to a Hardship Letter so make sure you find out what they are.
4. Be prepared, be accurate and complete the Bank of America loan modification application properly. Everything you write will be or could be checked. Include all important information, honestly, to make sure there is no reason for anyone to reject your application.
5. Be persistent and patient. It is not unusual for it to take eight weeks before the Bank of America will approve a loan modification application. If you are rejected, don’t take no for an answer. Through diligence, determination and focused persistence some homeowners have been able to have their rejection changed to an approval. This is your home you are fighting for, and success in this process will result in you keeping it.
If you follow this process are diligent, honest and thorough in completing your application; and you are persistent you might yourself approved for a Bank of America loan modification. Take the time that is needed. Put your energy into completing the application properly. Know what the bank requires in order to give an approval. If you don’t know something, ask, so you can complete the application properly. Seek and accept help and you might be able to keep your home. Just like so many other homeowners have been able to do, you can find a way to keep your home too!
Personal Loans for Those After a Bankruptcy
If you need a loan after bankruptcy, then you might need to understand a little bit about personal loans for those with less than perfect credit. This article will tell you everything you need to know about personal loans after bankruptcy.
Sometimes it’s not easy to get a loan of any sort after bankruptcy, but this simply isn’t true. Many people think that the bankruptcy must be eliminated from their credit report before they can apply and get approved for a personal loan. However, this thinking is wrong and even those with a recent bankruptcy can become approved for a personal loan from a bank or another lending institution.
Personal Loan Guidelines After Bankruptcy
It’s important to be very careful with any personal loans you decide to take out after a bankruptcy. Especially if you want to improve your financial situation. With a bankruptcy, you will have to take specific steps to help improve your credit score and get rid of some of the accounts you have defaulted on. Start by looking for the right lender that can offer you a personal loan after bankruptcy. Very rarely, a lender will require you to clear the bankruptcy from your credit report before they approve you for the loan you need and want.
Personal Lenders for After Bankruptcy
Many lenders offer personal loans after bankruptcy, but you still need to make sure you find the right type of loan for you and apply for one you will be approved by. As long as you have improved your credit score in one way or another, after bankruptcy, you will be able to find a lender that will work with you.
They will, however, look at the income you have and make sure you can handle the payments on the loan you want to take out. Credit won’t be the only deciding factor and if your income can support the loan, most of these lenders will take into consideration how much you make and how long you have been working for your current company.
Improving your Credit Score
Before you decide you want to get a personal loan after bankruptcy, you want to make sure you have done everything you can to improve your credit score. Your bankruptcy might cause your credit score to drop by as much as 100 points. However, once the bankruptcy is discharged and some of the debts go away or change your credit score will start to recover.
You want to make sure your credit has recovered quite a bit before you try to get a personal loan of any nature. You may want to hire a company to help settle some of the debts you still have or to help get rid of debts that your bankruptcy handled. If you can get your credit to the point where e you don’t have any negative debts, then getting approved for a personal loan will be very easy. Also, take the time to ensure any errors are removed or fixed. You can do this by writing a letter to the creditor or making a phone call and asking to have them report the correct information. If that doesn’t work, you can simply dispute the debt with the credit agency.
Other Things to Consider
Once you fix your credit, you still need to consider a few things before applying for the right personal loan for you. If your credit score becomes very good, many financial institutions will allow you to get a loan through them. It will not be very hard to get your loan if you have a good credit score and a strong income. Some lenders will charge a higher interest rate due to your bankruptcy. This is due to how risky your loan is compared to another one. Most lenders, however, will overlook your credit history and will not care much about the bankruptcy. Make sure you understand all the policies of the lender before you take out the loan.
Your debt amount could also cause you an issue, but after bankruptcy, this should all be cleared up. This type of loan will help you whenever you want to get a loan after you have filed for bankruptcy. Personal loans after bankruptcy will help you do more with your finances and will allow you to take care of anything you need to deal with currently or in the future.