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Every day Bank of America receives hundreds of applications for loan modification but not all of them get approved. Many genuine applications are rejected on a daily basis because of one reason or some other. But when we say genuine application, it means that the case is real. So where is the problem? The problem is lack of knowledge about the loan approval process.
Getting a bank of America loan modification is not a tough job. All you need to know is the guidelines of lending and then processing your application accordingly. Lot of homeowners apply for the loan without actually knowing the requirements for the approval and face rejection.So it is advised to first gather all the information about how to process the file and then plan your case relating to the guidelines.
How to get Loan Approval Modification Approved
Here are some tips to speed up Bank of America Loan Modification Process:
· Always read the guidelines before and check if you are eligible for the loan or not. It is quite possible that you are not eligible even though you are an existing customer. So instead of facing a rejection at a later stage it is better that you plan your application after reading the guidelines.
· Prepare a strong and appealing hardship letter for Bank of America mentioning the reasons for your hardship, steps taken by you to fight the hardship. And most importantly, mention that you are genuinely interested in keeping your home.
· Plan a new budget for your family excluding all the unnecessary expenses. The new budget will help you decide the amount of money that you can pay as monthly installment.
· After deciding on the budget present one current as well as one proposed financial worksheet to bank of America. This worksheet would prove to be very helpful for the bank to decide upon the loan amount for you.
· It is advised that you submit all the documents for loan modification in one go. Giving an incomplete file will delay the approval process.
· One fake information and your case is dismissed by bank of America. Make sure that all the information given by you is correct and to the point.
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