How do I qualify for a Bank of America loan modification? You may be asking yourself this questions as you try to figure out the best way to stay in your home with the affordable mortgage payments you need. There are many new options available to homeowners, and it can be confusing. Here is some valuable information to help you determine what you could qualify for and how best to begin the application process.
When you qualify for a Bank of America loan modification, you are basically proving to the lender that that terms of your home loan have become unaffordable due to a financial hardship. An acceptable financial hardship situation could be caused by any number of things, but generally your lender will consider you a candidate if:
- Loss of job or income
- Medical expenses/illness
- Death of family member
- Military Service
- Incarceration
- Divorce/separation
- ARM loan with interest rate re-set higher
Once you demonstrate that you have suffered a financial hardship, then you must prove to Bank of America that although you cannot afford the current payment, you will be able to pay and maintain the new modified payment. In order to qualify for a loan modification, your application must clearly demonstrate in black and white that you will not be a risk of re-default. You can do this simply and easily using a current financial statement form and then a proposed financial statement form. These loan modification forms are where you show the lender your current budget and your new, revised budget with the lower monthly payment. You can obtain these forms ahead of time in the #1 resource for homeowners, The Complete Loan Modification Guide.
Bank of America's programs as well as the Federal loan modification plan requires that you meet a debt ratio 
requirement to qualify. This means that a certain percentage of your income each month is allocated to your housing expense. This debt ratio requirement is usually between 31-38% of your gross monthly income. You can get help to figure your own debt ratio, then determine your new target payment so that your financial statements are accurate and acceptable.
The federal program uses a simple, 4 step formula to determine if you qualify for the bailout plan. You can learn and use this very same formula to prepare your own acceptable application. Since this formula is used by all the lenders, and you can learn these very same steps, why wouldn't you want to take advantage of this inside information to yourself the edge you need?
This may sound difficult or confusing, but it's really just simple math. However, spending just a bit of time learning and preparing can make all the difference when completing your loan modification forms. If you are serious about saving your home, then you need to understand how to qualify before you submit your paperwork. You will then be able to prepare your forms so that you will have the best chance of approval. When you ask, "Do I qualify for a Bank of America loan modification?" make sure you can answer correctly.
You can get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.
The Complete Loan Modification Guide will take you step by step through calculating your debt 
ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms? Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com
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Bank of America sends the consumer the information and the forms. I've dealt with 8 files with BofA and have been successful buffering between the Bank and the consumer, so are these forms redundant of what the Bank would be sending the consumer along with an informational guide?