Are you behind in your Bank of America home mortgage? You may already know about the Bank of America Loan Modification program through Obama's Home Affordable Plan. If you have applied, you are probably at some stage of waiting for the process to proceed. You may still be waiting to get through the phone lines! President Obama wants you to be assisted as soon as possible.
Banks and lenders who are approved to participate in the Home Affordable Mortgage Plan are being overwhelmed by the response of homeowners who are in financial hardship and need to rework their mortgage loans. Unusual wait times are being reported just in trying to reach someone to initiate the process. Bank of America is purported to be one of the most difficult to maneuver application processes.
Many of these homeowners are in a very precarious and stressful situation, facing the imminent trauma of foreclosure. They are in need of immediate assistance and information. Often, when they finally reach a loss mitigation specialist, they are either inadvertently disconnected or transferred from person to person, and possibly misdirected to another department for another non-applicable service or product.
President Obama wants you to be treated fairly and in a timely manner. This bill requires that each approved lender give each application due consideration, at least. Obama's stimulus package will not help anyone if they can not get access to it. He has requested that approved lenders make more employees available to assist homeowners in this process.
You are requesting Bank of America to rework your loan to be affordable, and you want to avoid foreclosure. Bank of America does not see foreclosure as a positive occurrence for them either, and they would like to help you if you qualify. They also have the added incentive of $ 1000 from the government for every Bank of America Loan Modification that they complete! So, do not give up! Get all your documents prepared according to the program guidelines before you contact Bank of America for the best results.