When you think of well-known banks in the Us, Bank of America remains one of the largest institutions, dealing with such a wide-base of customers over the country. They have so much at stake with the difficult economy, so they are eager to help homeowners with solutions to holding their existing mortgages before they foreclose or consequent in bankruptcy.
President Obama has put forth a Plan for banks to have a way to help homeowners, while in turn earning incentives from the government for their participation. Bank of America is one of the participating lenders for the 2009 Stimulus Plan.
Current Fannie Mae Refi Plus Programs
If you currently have a Bank of America owned loan for your mortgage, here are some tips on approaching them to fetch a loan modification:
* It is very important to continue to make your monthly payments on time, without letting your loan default. If despite your efforts, you get behind, immediately draft a hardship letter to illustrate your situation. The bank will need it to settle either or not you are carefully a prime candidate for receiving aid through the programs available. But your letter must contain the calculate why you were behind, your financial situation, and steps you have and will take to ensure that with a modified loan you will continue to stay current on your mortgage.
* If you are finding to refinance your home, the estimate you owe must be 105% more than the market price of the asset to be considered.
* Fannie Mae and Freddie Mac owned loans are also eligible for loan modification or refinancing as stipulated in the Stimulus.
* Obama's Plan also covers the cost of expert counselors who can provide you with guidance on how to approach your lender, including helping record you if needed. You can caress the Housing and Urban improvement division (Hud) and apply their services free of payment to you.
Obama's Stimulus box Helps Customers Refinance Bank of America Bank Loans - Loan Modification
