Secrets to Bank of America Modification Process
The three most important questions you will need answered before beginning the loan modification process with Bank of America:
1. Investor Type 2. Foreclosure Status 3. Making Home Affordable (HAMP) Participation
Where did the money come from? Many people believe that it’s Bank of America that put up all the money to buy their home, because they send their mortgage payment to Bank of America every month. This is not true in most cases. (especially if your loan was formerly with Countrywide) Most of the time BOA is only servicing the loan for another investor and the investor is almost always where the final decision on modification will come from.
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