Treasury Department

Home affordable modification program, Bank of America-loan modification Bank of America loan modification nowadays recommend a more want streamlined time frame as homeowners struggling with mortgage troubles apply for the federal option called HAMP. Home affordable modification program has been around for over a year, but the Treasury Department has been very discontented with the actual number of loan modifications completed using the government subsidized program. Bank of America has one of the lowest end Council of any lender, but with the new 2010 HAMP updates the goal is actually to permanently modify the loans of many additional qualified homeowners. The lender had complained that the federal plan necessary them to gather too much paperwork and the borrowers were not submitting their applications properly. In response to this issue, HAMP under making home affordable program now has reduced the amount of documentation required and outlined a exact timeframe that the bank must adhere to. Bank of America HAMP loan modification 2010 procedure: borrowers apply for for a loan modification must be approved within 10 days upon receipt of a whole application package, lender must give approval or denial within 30 days upon approval, 3 month trial modification starts and after completion of the loan modification becomes permanent automatically Bank of America loan modification now necessitates only the following documentation: 2 most recent paycheck remains for salaried employees YTD P & L for self employed borrowers signed 4506T form application (including financial report) and hardship affidavit & explanation only qualified borrowers will be accessible the HAMP loan modification and may get on interest rate as low as 2% and a very affordable mortgage payment. The Treasury Department has authorized a standard formula to determine which homeowners will qualify for a loan workout, and based on the financial statement that the homeowner offer a determination will be made if they qualify. Homeowners who desire to increase their chances of qualifying for a Bank of America-loan modification should make certain that their financial statement-all income and debts-fit into this mathematical method for HAMP approval. If not sure how to figure this out, borrowers can use a software program that mimics the federal procedure and be certain that their calculations are accurate and acceptable.