The three most important questions you will need answered before beginning the loan modification process with Bank of America:
Investor Type 2. Foreclosure Status 3. Making Home Affordable (HAMP) Participation
(especially if your loan was formerly with Countrywide)
Has the loan entered into active foreclosure and if not, when will it? This is something you should ask every time you call Bank of America throughout the modification process. Most of the time the foreclosure process continues to progress even as the loan modification process is carried out. If possible you will always want to avoid letting the loan go into active foreclosure.
If the loan has already been placed into active foreclosure, its not the end of the world.
Is the loan eligible for Making Home Affordable (HAMP)? If your investor doesn’t participate in Making Home Affordable (HAMP) you need to make sure that you begin having the loan reviewed for “other options” right away.
In conclusion Knowing the investor and all the modification options they offer is key to success with the Bank of America modification process.
Secrets to Bank of America Modification Process
There are a few problems with loan modification companies today:
You call up the company and give them your lenders loan number.