Bank of America Loan Modification

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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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Bank of America – The largest Bank in United States

BankOfAmerica.Com  – Login: Bank of America Online Banking, Find a Bank of America branch near you – 2nd largest Bank holding Company  in America by assets. US multinational banking Corporation, financial services corporation. Contact Bank of America customer service any time..

Bank of America is largest bank in United States. According to the 2010 annual report the bank has more than $150.450 billion revenue and the net income is $2.238 billion. This is easily the largest employer in the banking sector as well with more than 286,951 employees in 2010. The bank is quite healthy as the total asset are worth more than $2.265 trillion, with equity just $231.444 billion.

Bank of America is not only included in the top five companies of United States, but also the 2nd largest company that is not related to the oil business. According to the Forbs and Fortune 500, BOA is third best organization working in the banking sector in the world. The share of banks in the local deposit market is more than 12.2% too. The BOA holding includes the prestigious institutions like Merrill Lynch too, which it acquired in 2008.

BOA was founded in 1904 by Amadeo Giannini as Bank of Italy. This humble organization in San Francisco with aim of providing banking services to immigrants. In 1906 during the San Francisco was struck with earthquake. The fire burnt the building of organization, but the bank started working soon after with the funds in the vaults that survived. The start of the banking sector was quite simple.

The first office of BOA was quite humble as there were only two makeshift tables being created by the barrels. The bank grew and in 1918 the bank changed name as Bank of America and Italy. The next chapter in BOA history happened in 1927 when it became the largest institute after consolidation with Liberty bank of Los Angles

The later years saw the growth of BOA in the western states with California as base. The BOA started working as insurance institution as well in this time too. The 1956 the insurance business was separated as result of Banking & Holding Act. Transamerica was the insurance partner of BOA which kept working in that business after separation.

BOA was the first bank to introduce the credit cards in massive way with Visa in 1975 with the help of consortium of other banks. In 1980s the BOA moved beyond the California and started working as national bank. The prestige and holding of the company also increased after acquiring of the companies like Bancorp.

Bank of America – The bank dealt with many problems including the major loses in 1983 as well. The result of the next few years struggle led to sale of the organization to the Deutsche Bank in 1987. The next important step was merger of BOA and Nations Bank which was extremely successful in generating the largest Banking organization.

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