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30 October 2012

Home Affordable Modification program Bank of America


Bank of America has programs to help home loan borrowers who are unable to repay their monthly installments on time due to unexpected financial crunch or loss of job. Home Affordable program is a government program for helping individuals who are facing financial crises. Federal Government Home Loan Modification program, is in no way to close your loan, but a help to reduce the total amount paid as mortgage every month.
The Bank of America Home Modification program eligibility criteria is stated  as the home loan borrower facing any financial crises, divorce or death of a partner, which makes the other unable to meet the financial deadline of collecting the total amount of repayment of home loan every month. The trial three month period is worked out by the banks representatives and as this period, a trial is given if the home loan borrower is able to pay the monthly reduced EMIs. If this works out the home loan borrower, the Bank agreement will be signed and accepted as  a home loan modification case and the terms of your home loan will be revised according to the amount you can repay in your budget.
This is a welcome gesture from the Bank as home loan modifications helps the borrower to keep their home and also adjust their installments according to their budget.
All the Best from Rizwana!

6 comments:

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  3. Loan modifications are perfectly legal, and an easy way to quickly change your monthly payments, interest rate and total mortgage amount, all without refinancing.

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