Home Loan Modification – Will Bank of America Step Up in 2010?
Posted on | December 17, 2009 | 7 Comments
Getting a home loan modification can greatly help you save your home and avoid foreclosure. If you currently have a Bank of America or Countrywide mortgage you know just how hard it can be to get a home loan modification. With over 1 million qualifying home loans Bank of America has only permanently modified 98 mortgages. This number is quite sad when you consider that many Americans are doing everything they can to save their homes.
The reason that many of these home loans are not being permanently modified is because there is a great amount of paperwork that goes into this process. Not only is their paperwork to begin the process but there is even more paperwork for the six months leading up to permanently modifying the home loan. Many borrowers do not understand what paperwork they need to submit and some lenders even don’t know all of the paperwork they need.
It is extremely important to stay on top of your lender through the entire home loan modification process. If you want to truly save your home and avoid foreclosure then you will take the necessary steps to make sure that this happens. Even if you have to call your lender several times a week it will be well worth it to avoid the process of foreclosure.
We have heard many horror stories about trying to get a Bank of America home loan modification. Just recently many of the Bank of America executives have explained that they are going to try harder to help homeowners get into permanent modifications. No one knows if this is the truth but there is no reason that you should not try to be on top of them to get your loan modified.
All mortgage lenders are encouraged to help homeowners modify their current home loan. If you have a mortgage lender that is being very difficult please make sure to access the Making Home Affordable website to get more information on what you can do. If you are taking the necessary steps to save your home and avoid foreclosure than your mortgage lender should be by your side.
Author: Jesse Wojdylo
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7 Responses to “Home Loan Modification – Will Bank of America Step Up in 2010?”
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December 17th, 2009 @ 11:20 pm
This is a wonderful program–it is saving us $1500/month during the trial/waiting period! Amazing! Work with these guys http://bit.ly/73lFPx remember to not to pay any upfront fees.
December 18th, 2009 @ 10:35 am
The Sozo Group in Denver, Colorado helped us out with our loan modification with Bank of America. They are small (I think they said they have about 7 legal teams) and don’t take on many clients, but they seem to know all the tricks of the trade to get these things done if you are lucky enough to get on their client list. I was referred to them by a trusted source. I checked them out, they were even featured on NBC news as “one of the good guys” Anyways http://www.thesozogroup.net
December 21st, 2009 @ 4:26 pm
[...] Home Loan Modification – Will Bank of America Step Up in 2010? Getting a home loan modification can greatly help you save your home and avoid foreclosure. If you currently have a Bank of America or Countrywide mortgage you know just how hard it can be to get a home loan modification. With over 1 million qualifying home loans Bank of America has only permanently modified 98 mortgages. This number is quite sad when you consider that many Americans are doing everything they can to save their homes. [...]
December 22nd, 2009 @ 9:28 pm
yes is very sad i had being trying to get my loan modification since may and today they finally clled me bank of america and toldme i do not qualify because i take home cash 3,700, a month with my expensives and my morgage i am only short 200, dollars a month and they still refused to help me i call them every week is embarrassing and when you call they transfer you to the India they have people answering the phone over there to save money is great how they help this country and they gave job to other country and they tell me get an extra job i say ok you give the job that you give to other country
December 27th, 2009 @ 10:58 pm
We have been trying for 6 months to obtain a Loan Modification and have been told we do not qualify. Gregory has been disabled since 2007 and his disability insurance has ended and applied for Social Security Disability and has been denied but appealed but must wait 2 years for a hearing to SSDI. Lois has been making the payments since 2004 because it really is her house and in 3/2009 Lois’s husband passed away and her income decreased so much that she can no longer make the payment on the original loan but could make the payment if it was modified to be around $700.00 rather than $1400.00 per month.Bank of America is refusing to do any modification and if they continue to refuse to help us I am sure the loan will go in foreclosure and they will be making the Senior Resident Homeless. What has happened to AMERICA? Where is HELP? I guess this country is only for the Wealthy and I thought President Obama promised to treat everyone fairly. I will be surprised if I even receive a reply to this comment because I sure don’t receive any return phone calls or ANY HELP with LOWERING the mortgage payment. HELP IS NEEDED URGENTLY!!!!
January 19th, 2010 @ 9:47 pm
Beware all people who are paying pre-trial modification payments. I paid from June of 2009 and even this month of 1-2010. As of this date I have all paper work in as of this Jan. 2010. I sent my documents over six times. I recent received a letter from Fannie Mae dated Jan. 15, 2010 as if I am not living in my home. This is what Bank of America Stacy Adams wrote which is all liars. The federal government, State Senator, and Channel 2 news knows I am living here due to they all been to my home. I feel this was just to deny this fake home modification when they never intended to do it in the first place. I am getting ready to take them to court and file a lawsuit. Maybe this is what many home owners need to put press on our Attorney General of each state to make them sue these Bank of America and maybe we will get some relief.
I have for over 9 months been lied to and struggle working with them and enough is enough. The government is not helpping us at all.
March 12th, 2010 @ 1:50 am
The Obama administration had launched the home affordability plan to stabilize the housing market in early 2009. In less than a year, more than 85,000 homeowners have registered for trial and permanent loan modification programs. Transferring all the homeowners who have successfully completed the trial period to a permanent plan has become a task of prime importance for the government. With this regard, the administration has issued a list of documentation requirements to the service providers. These guidelines will help in refining the procedure, and at the same time, accelerate trial modification conversions to permanent ones.