
Bank of America Loan Modifications
Countrywide Loan Modifications
Bank of America is the nation’s largest bank. It is also one of the US’s largest mortgage lenders. Bank of America bought out Countrywide last year so if you have a loan through Countrywide, you now deal with Bank of America. Because of their size, they have the largest requests for Loan Modifications in process. Their size has also caused Bank of America a lot of issues during this foreclosure crisis, such as foreclosing on a Ft Lauderdale home that did not have a mortgage.
Requesting a Loan Modification through Bank of America or Countrywide can be a nightmare. A quick Google search will show you that there are many people who have been waiting several months for replies on the status of their loan mod. Mostly what you will read about is how rude and helpless BoA’s Home Retention Department is. Even so, many people have received loan modifications from Bank of America and Countrywide.
Requirements for a Bank of America or Countrywide Loan Modification
Loan modifications through Bank of America or Countrywide are almost always going to be HAMP Modifications. Bank of America seems to have fully integrated the dismal Making Home Affordable Initiative as part of its business model. While they do offer conventional loan mods for homeowners who do not qualify for HAMP, they are almost impossible to qualify for. One of the requirements for Bank of America and Countrywide's conventional loan modification is a debt to income ratio of 31%. There is a good chance that someone with that low of a ratio is in no trouble of defaulting.
In order to qualify for a Bank of America or Countrywide HAMP Loan you must meet the following criteria:
- Be the owner of, and live in, the home in question.
- Have proof that you are in financial hardship
- Have an unpaid principal balance that is equal to or less than:
- 1 Unit: $729,750
- 2 Units: $934,200
- 3 Units: $1,129,250
- 4 Units: $1,403,400
- Have a first lien mortgage that was originated on or before January 1, 2009.
- Have a monthly mortgage payment (including taxes, insurance, and home owners association dues) greater than 31% of your monthly gross (pre-tax) income.
- Have a mortgage payment that is not affordable due to a financial hardship that can be documented.
As with the reports from all banks, you must stay on top of this process. There are MANY reports on the web of people having to continuously resubmit their paperwork because the bank is unable to find it. It is quite a headache, but if you wish to keep your home and stop foreclosure, then strap on your gloves and get ready for a fight.
If you are unable to qualify for a Bank of America or Countrywide loan modification, or you have no interest in staying in your home, make sure you have the option of attempting a short sale. Make sure that you choose a company with a successful track record and who knows what they are doing. Make sure you get a deficiency waiver and no 1099. For more information about the process contact us today. We assist homeowners in Broward and Miami-dade Counties, especially in Hollywood, Miramar, Plantation, Pembroke Pines, Cooper City, Davie, Weston and Hialeah who need foreclosure help or an experienced short sale realtor.

