Most Americans work hard to purchase a home. The dream however can turn into a nightmare for some as many people have or will be facing foreclosure. This can be because of financial hardship related to job loss, illness, or divorce. Many banks have been forced by the federal gov’t to start offering some type of financial assistance package in the form of modification programs. Even though the government has stepped in, many banks are still resistant to stopping the foreclosure proceedings. If you’re serviced by Bank of America, you’ll have two options when discussing this with their mortgage modification department. You can either contact them yourself and work through the hurdles, which can be a tough task, or you can contact a skilled attorney that has experience working with them on stopping the foreclosure process.

The BOA modification program is one that has many different levels to it and it’s put in place to help homeowners that may be facing several different situations. In order to qualify, the requirements of each program is different. The bank has set up a site that will allow you to look at your situation and attempt to match it with the correct program. If, however, you are not sure how to proceed, you can approach skilled foreclosure defense attorneys to help you out. If you’re able to get the application to be approved, then you may have the foreclosure process stopped and maintain your home. The foreclosure process will proceed however, if the application is submitted incorrectly thus being rejected.

Considering that the stakes are very high, if you’ve missed a mortgage payment or might be missing one, you might want to apply as quickly as you can for the Bank of America Mortgage Modification program. The bank has various eligibility criteria to filter out and scrutinize all the applicants for the program. You may be able to reduce your principle balance by upwards of 30% though if you are able to qualify. The bank though will require that you provide them with some details about your situation.

Criteria to Qualify

If you’re able to meet the criteria below then you might be able to qualify for the Bank of American mortgage modification program.

Your monthly payments have to be greater than 31 percent of your gross (pre-tax) income.

The home must be your primary home.

You can’t owe more than $729,750 for a single family unit on the first mortgage.

There is a financial crisis happening in you life such as lost a job, getting sick, or a divorce.

The mortgage was taken out prior to January 1st, 2009.

You may possibly qualify as well for the FHA Home Affordable Modification Program if you have a mortgage that is backed by the FHA.

Process

As soon as you decide if you want to move forward with attempting to do a modification, then you will need to approach Bank of America and get an application form. In order to get the help, the officials at the bank will need to genuinely feel that you need it. This is why filling out the application correct is so important. The banking officials are going to look at the application, figure out what your current income and expenses are, and if they do approve you they will then propose a new payment schedule that will be a three month trial payment. If you can afford to make those payments for the three months, then the bank will send over a new mortgage document with the terms that will be revised.

Avoiding Foreclosure

Don’t give up though if you don’t qualify for the modification program by not meeting the current eligibility requirements. As your attorney will explain, there are other options. The attorney might advise you that a short sale will be a good option, which would stop the foreclosure from taking place. If the amount that is owed to the bank is more than the current value of your home, then this could be a possibility. This could be a great option because it will allow you to move past the foreclosure hurting your credit and possibly qualify for a home in a much shorter time. The short sale process also might help you become eligible for the government to make assistance available for your relocation. If you’d like more information on that you can always approach the bank officials for guidance or again contact an attorney to consult about your options. Most attorneys will give free consultations.

When you are considering applying for a Bank of America Mortgage Modification, you need to keep in mind that you will succeed only if you can convince the bank officials that you meet the criteria.Otherwise your mortgage modification can be delayed or rejected. When you are suffering from financial difficulties, it is best to take proper precautions such as filling out your paper work correctly or approaching qualified foreclosure defense attorneys. Make sure to visit my site at stop-foreclosure-hq.com