Posted on: 28th Dec, 2010 05:37 am
how can I qulify for a loan modification on my Bank of America loan
What happened to the other "tin"???
To find out what you need to do, you'll have to contact BofA directly. Their servicing department will be able to provide you with specifics as to what documentation they'll need, the time it'll take to do a modification (and they'll be wrong, of course).
But we can't sit here and let you know - what you'll need is also dependent upon your current situation (past due/current, employed/unemployed, etc.).
To find out what you need to do, you'll have to contact BofA directly. Their servicing department will be able to provide you with specifics as to what documentation they'll need, the time it'll take to do a modification (and they'll be wrong, of course).
But we can't sit here and let you know - what you'll need is also dependent upon your current situation (past due/current, employed/unemployed, etc.).
The criteria for a loan mod is this:
-must have experienced a financial hardship
-there must not be any equity in the home
-must have a job.
you will get the wrong answer when dealing with BofA, as smakerly statred. feel free to contact me if you have additional questions
-must have experienced a financial hardship
-there must not be any equity in the home
-must have a job.
you will get the wrong answer when dealing with BofA, as smakerly statred. feel free to contact me if you have additional questions
Juan, I certainly didn't say that BofA would provide a "wrong answer." I don't know where you got that from my commentary.
In fact, I said that our poster ought to contact BofA directly and that by doing so they could find out what documentation they'd need to apply for a modification.
In my slightly sarcastic way, I did make note of the fact that BofA would likely be inaccurate in its estimate of how long it would take for the modification process to run its course. I'm afraid you ran with that and applied it to my entire comment, which was not my intent.
Frankly, we find that the modification process takes longer than quoted no matter who the lender is. People are continually frustrated, more because their expectations are unrealistically high, thinking that they'll provide the information today and get a response tomorrow.
Usually, when a borrower forwards some information, the lender finds that it leads to another question, thereby requiring a bit more information to come from the borrower, and so on and so on, ad nauseum.
Juan, you indicated we should feel free to contact you with any other questions - pray tell, what are your qualifications? Are you a lender, an attorney, a commentator?
In fact, I said that our poster ought to contact BofA directly and that by doing so they could find out what documentation they'd need to apply for a modification.
In my slightly sarcastic way, I did make note of the fact that BofA would likely be inaccurate in its estimate of how long it would take for the modification process to run its course. I'm afraid you ran with that and applied it to my entire comment, which was not my intent.
Frankly, we find that the modification process takes longer than quoted no matter who the lender is. People are continually frustrated, more because their expectations are unrealistically high, thinking that they'll provide the information today and get a response tomorrow.
Usually, when a borrower forwards some information, the lender finds that it leads to another question, thereby requiring a bit more information to come from the borrower, and so on and so on, ad nauseum.
Juan, you indicated we should feel free to contact you with any other questions - pray tell, what are your qualifications? Are you a lender, an attorney, a commentator?
George,
I did run with it and apologize for taking it out of context. However, I find the statement very true. I'm a certified housing counselor and have assisted many through the purchase, refi, and loan mod process. The process should only take 1.5 - 2 months but with homeowners not understanding the process or the info needed, most times than not the info provided does raise other questions further extending the review process
I did run with it and apologize for taking it out of context. However, I find the statement very true. I'm a certified housing counselor and have assisted many through the purchase, refi, and loan mod process. The process should only take 1.5 - 2 months but with homeowners not understanding the process or the info needed, most times than not the info provided does raise other questions further extending the review process
I certainly agree with your assessment of the situation. Thanks for the additional clarification.