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Bank of America Loan Modification Modify Your Loan Today
If you are looking for a Bank of America loan modification, you need to read this article. These loan modifications are not as hard to get as you might think and they are definitely easier to get than most other lenders. So how much can you save off your monthly loan payments? You can find out today!
This program is pretty amazing. As Bank of America works towards getting all of Countrywides files merged over, they are also aggressively pursuing loan modifications for those who qualify. You may have seen in other stories how they actually doubled the amount of modifications they said they were going to do thus far, which is outstanding if you are in need.
Not everyone is going to qualify, let’s make that perfectly clear. They are not going to do a million loan mods every month! But, if you are struggling to make your payments and your interest rate is higher than average, you have a pretty good shot. There has to be a definite hardship though. If you are cruising along just fine and want to lower your payments or reduce your principal loan balance just because, it’s not going to happen.
This brings up a little side note I’d like to make as well. Everyone I talk to these days is concerned with getting a principal reduction. You hear things such as “Bob just got the same size house as me down the street for half the price, Im going to skip a payment and try to get a principal reduction!” This is a BAD idea. Why screw up your credit for a snowballs chance? If are struggling to make your payments, who cares about a principal reduction! You should be concerned with a payment reduction. This is accomplished by lowering the interest rates, lengthening the terms of the loan and then, maybe a principal reduction. If you lower the interest rate from 8% to 4.5% and extend the terms from 30 years to a 40 year loan, you are going to have a nice payment reduction. Hopefully, a payment you can afford.
So, back to the program. The deal with loan mods in the past has been you either gut it out yourself or hire a company and wait 2 to 3 months to get something accomplished. Now, you can use a company to find out if you are approved for a loan modification, what your interest rate will be and what your payment is going to be. Talk about a guarantee! All this is performed with no obligation to move forward, so if you don’t like the terms you don’t do it. Simple as that.
If you are looking for a Bank of America loan modification, just visit the site below and see if you qualify for this program.