[Loanmodificationhelp]

My husband is self-employed and with the current situation in America our company has been hit real hard. We refinanced through Bank of America about 2 years ago. I thought at the time we were getting a good deal, but if you look at our loan the percentage is high and we have a pre payment penalty.. Bank of America is our lender. The situation is I'm working but I only make $11.00 an hour 40 Hour week. My husband is picking up jobs here and there but we could really benefit from lower payments and maybe 3 months of no payments so that we can get on top of other bills.

[elite]

I'm sorry to hear about your situation. Since your husband is self-employed and you are having a great deal of financial hardship, it makes you a great candidate for a loan modification, as long as you can put together a game plan to show that you can financially afford a more comfortable payment. You can avoid foreclosure and you do have options. If your lender has turned you down or has given you a "Not so great" workout option, you may want to consider contacting an attorney that specializes in Loan modifications, foreclosure assistance, and loss mitigation. They know your rights as a borrower better than you would and can help resolve your situation within a few weeks. A good attorney will negotiate on your behalf and will get you the best options to save your home so that you can afford it now and in the future. Our attorney has been specializing in foreclosure and loss mitigation for over a decade, feel free to visit our website below or email us at anytime.

[admin]

attorneys are good for some situation like bankruptcy but for workouts which are now called loan modifications should be done by any professional. Be careful who you use because there are many that have no idea what they are doing including attorneys. Buyer Beware.

[rainelli]

you're right!not all the companies are credible and has a great capability on helping the owners.

[bobsmith]

"I've looked at a lot of these loan modification companies. 98% of them are all scams, especially the ones that claim to be "attorney" based or backed. I did however find one company that seemed pretty different than everyone else, they use negotiators that worked for banks......
loanmodificationhelp.com

[John2010]

Hope this helps as many as it has helped my family, We got denied a modification from Bank of America, so we contacted an attorney in Tampa area, they assisted us through the whole process untill our loan modification was complete, great company and service, they charge nothing to assist you, they were able to assist in lowering our mortgage balance , our monthly payment and our interest rate down to 4.2%, it took about 6 weeks to complete everything. I called 877-968-5337 and got great service hope all goes well with your situation as mine did. good luck

[NE Settlement]

For many, a loan modification with BofA can feel like finding a wedding ring lost on the beach, almost impossible. Bank of America is huge and it's very easy to get lost in the mix and have a loan modification drag on for months on end.

In working with Bank of America on a daily basis I have created a few of the most important secrets and shortcuts to a successful loan modification with BofA.

Self Employment Income - With the sheer volume of loan modification requests that Bank of America receives, it's important that any documents you send to initiate the review are extremely clear and concise. You never want to leave it up to BofA to decide what your income is based on bank statements alone, they will never get it correct and you may be denied based on incorrect numbers. You will need to prepare a profit and loss statement to clearly show what the income and expenses for the business are. This ensures your financial situation is calculated correctly.

Be Careful with Foreclosure - In most states a lender can place your loan into active foreclosure when it falls three payments behind. You should always try to prevent a loan from going beyond three months back by submitting payments if you can swing it. The loan modification process with BofA can take anywhere from three weeks to six months and its never in your best interest to let the loan fall behind month after month, while you wait on them.

If the loan has already gone into active foreclosure, don't freak out. It means that you will not be able to send them any payments unless it's the full amount past due. Instead of sending the mortgage payments to BofA every month you should save them, and be sure to step up your communication throughout the loan modification review while you're in active foreclosure.

Departments and Teams - The Bank of America loan mod review process is handled by various different departments and teams. You may find yourself speaking with and being transferred to departments such as HRD, Hope Team, Home Retention Servicing, and on and on. This will be the department you will need to speak with in order to update any documents or check the status of your loan modification. Always ask for a direct phone number for the department or team currently handling your loan. This alone could save you hours of waiting on hold only to be transferred to the correct department.

Following these few tips will hopefully save you time and effort in getting the help you need from Bank of America.