The following discusses BoA loans modification. In order to manage BoA loans successfully with Bank of America, the following may be useful to bear in mind.
Self Employment Income – With the great volume of BoA loans modification requests that Bank of America receives, it is important that any documents and papers you send to initiate the review should be extremely clear and concise. You never want to leave it to the Bank of America to guess what your salary or income is based on bank statements alone: since they will likely never get it correct, you may be denied a BoA loan based on incorrect numbers. You will have to prepare a profit and loss statement to vividly show what the expenses and income for your business are. This will give you the assurance that you financial situation is accurately calculated.
Be Careful with Foreclosures – In most states a creditor can place your loan into an active foreclosure when it falls three payments behind. You should regularly try to prevent a loan from going beyond the three months period that you
have back payments by submitting your payments if you can swing it. The BoA loans modification process with Bank of America can take anywhere from three weeks to six months. Consequently, it is never in your best interest to let the loan fall behind month after month, while you wait for a response.
If your BoA loan has already been into active foreclosure, do not freak out. It just only means that you will not be able to send the the BoA any monthly payment unless it is the full amount due. This means, if you have not paid BoA for three consecutive months, you have to give al your outstanding arrears on your fourth month payment. Instead of sending the mortgage payments to Bank of America every month you might save them up. Be sure though to step up your communication all throughout the loan modification review while you are in active foreclosure. Always take advice from a professional before doing this and make sure you clearly understand what you are doing.
Departments and Teams – The BoA loans modification review process is handled by various departments and teams. You may find yourself talking to and being transferred to certain departments such as Home Retention Servicing (HRD), Hope Team and on and on. These are the departments you will need to speak with in order to update any of your documents or check the condition of your loan modification. Always ask for a direct phone number of the department or team that is currently handling your loan. This alone could save you hours of waiting so long only to be transferred to the right department.
Following these few, simple tips will hopefully save you time and effort in getting the assistance you need for the BoA loans you have.