This loan modification is not just significant because the monthly mortgage payment was nearly halved and the principal was reduced by over $100,000; it is also significant because it only took four months to obtain a modification. Bank of America’s Home Loan department is infamous for drawing out loan modification cases.
If you are having difficulty making your home loan payments, you may be eligible for one of the loan modification options from Bank of America that can make your payments affordable and help you avoid foreclosure. Find out if a home loan modification is right for you.
Bank of America falsely told applicants they had to stop making regular monthly mortgage payments to be eligible for a HAMP modification. It was part of the bank’s scheme to prevent borrowers from.
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