| Have you ever been to a supermarket the day before | | | | these same guidelines for their own analysis. |
| a giant storm? It's a madhouse, there's broken eggs in | | | | The next thing to understand is the incredible amount |
| aisle 9 and nobody to clean it up, the shelves are | | | | of patience and persistence that you will need |
| empty and can't be restocked until tomorrow, and | | | | throughout this process. The loan modification process |
| when you're ready to check out, the shortest line has | | | | with Bank of America takes 60-90 days. In other |
| a hundred people in front of you. This is a good | | | | words, no matter what you will start at the "back of |
| comparison to getting a loan modification done with | | | | the line with all your groceries". Throughout the process |
| Bank of America. They are faced with a massive | | | | it's ok to call once a week, but twice a week is |
| workload every day and never enough trained staff to | | | | advised. You shouldn't expect amazing results with |
| handle it all. You must face this just as you would | | | | every call, they move slow and its very important to |
| walking into that supermarket, take a deep breath and | | | | find out if they are requesting updated documents. If |
| form a plan. The more you know about what you're | | | | thats the case you should get them the requested info |
| walking into, the better your chances of success. | | | | asap. Many people have learned the hard way by |
| The first thing to understand is that common sense will | | | | having their review closed after 10 days of inactivity |
| never be a factor in the outcome. Bank of America | | | | and they have to move to the back of the line, only to |
| gets thousands of new loan modification requests | | | | begin the entire process again. |
| every day and the only logical way to handle the | | | | The final thing to understand is the end stages of your |
| workload is by creating a very rigid, automatic system | | | | review. This is when you have finally "reached the |
| that determines "qualified" from "denied" loan | | | | cash register" and your income, expenses, and monthly |
| modifications. The outcome is very rarely determined | | | | payment will all be reviewed to determine if they fit |
| by a human decision maker, its based on numbers. | | | | within the guidelines for loan modification. This is where |
| The only numbers that really matter with Bank of | | | | you will be glad you spent the extra time in the |
| America are your income, expenses, and monthly | | | | beginning researching Making Home Affordable |
| payment. It is typical that the decision will be made | | | | Guidelines. You have waited all this time and made so |
| based on these numbers alone. You should always | | | | many phone calls and outgoing faxes, you don't want |
| research Making Home Affordable financial guidelines | | | | to be crossing your fingers when the time comes to |
| before beginning this process. This government | | | | review your numbers. Spending the time or speaking |
| program is usually your best option, and most investor | | | | with a professional will certainly give you a sense of |
| traditional loan modifications are beginning to adopt | | | | confidence that all the hard work will pay off. |