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Loan Modification CA What To Look For
If you are looking for a loan modification company in ca, this article will help you make an informed decision.
The first thing to look for when searching for a loan modification ca company is their licensing. They either have to be an attorney or licensed by the California Department of Real Estate. This is crucial, if you are talking to a company that is not licensed there must be some reason for this. Never trust anyone who is not, no matter how great their program sounds. If it sounds too good to be true, it probably is.
The second thing you should look for is their track record. How many loan modifications have they done? What is there success rate? Can they send you examples of completed loan mods from your specific lender? These are all great questions to ask when speaking to any company.
The third thing you should look for is a great program. One company in CA has a program where they will actually try to see if you qualify for any government backed or FHA refinance programs before they attempt a loan modification. Some of these programs will work if you have bad credit or your mortgage is upside down and if you do qualify, you will not need a loan modification. If you do not qualify, you should try the loan mod service.
If loan modification is your only option, you need to see if you qualify before you pay any company. They can accomplish this by having you speak with an actual underwiter that knows current lender qualifications, using an attorney to check your loan docs for errors and actually calling your lender and speaking with a case manager. They should also check your debt to income ration and make sure it falls between the loan modification window of opportunity. This is crucial to getting your file approved.
After these steps have been completed, you should know if you qualify for a loan modification and what outcome you can likely expect.
For more information on a great loan modification ca company, please visit the following links.
Bank of America Loan Modification – More Flexible Than You May Think
Getting a Bank of America loan modification is a bit of a hassle and can take quite some time. But as the largest financial institution in the United States and one of the biggest lenders for prime and sub-prime mortgages, they do offer a wide variety of modification packages. However; it’s difficult to receive any sort of loan modification assistance from Bank of America.
The first thing anyone who is going to request a Bank of America loan modification should do is to speak to their loss mitigation department to:
– Let them know you are going to opt for loan modification.
– Get the modification requirements
When speaking to the Bank of America representative over the phone, they may present you with multiple options and programs for loan modification. There are a variety of options available for almost any financial situation and budget, though you may not qualify for every option.
As with getting loan modification with any lender, a borrower must be going through times of financial hardship in order to receive a modification on their mortgage. While being in financial hardship may seem like enough to the borrower, Bank of America needs to be sure that after the modification the borrower will be able to afford the monthly mortgage payments after they receive their lower interest rate. Because of this, the application sent in must portray that the borrower has a plan ready to budget their monthly income and accommodate the new payments.
Failure to prove they will have their finances under control almost always ends in disqualification.
When filling out the Bank of America loan modification application, homeowners should be absolutely sure not to make any mistakes, as they can also end in disqualification. Writing a professional hardship letter to send in along with the application is a must as well, and sending in any documents requested when speaking to the loss mitigations department will speed up the process and increase approval chances.
Bank of America offers programs that can drastically affect a mortgage. There are the normal lower interest rate modifications, but there are programs that reduce the principal and others that can change adjustable sub-prime rates to regular, more moderate rates. The options are not endless, but the ones that are available can assist any of their borrowers who need it.
A Bank of America loan modification is fantastic for those who can’t afford their mortgage due to interest rates, but the loan modifications don’t help with homes whose value has drastically fallen. Speaking to the loss mitigations department can also yield solutions for those homeowners as well.