Bank Of America (BAC) Loan Modification

Bank Of America (BAC) Loan Modification Process

The Bank Of America (BAC) Loan Modification undergoes the following conventional process:

1. Phone inteview is the first process to start the loan modification process.
2. Submission of complete BAC request for mortgage assistance package.
3. Complete Evaluation of the property (If Applicable).
4. Negotiation of terms for the modification of mortgage.
5. Lender gives the response on the agreement of the new terms.

As much as we like for the process to be easy for you but it is never the case. There is lot of going back and forth while dealing with loan modification of Bank of America. Sometimes even the documents have to be submitted again and again due to poor record keeping of the loan servicing department. Often they will keep you running aroud differnt departments of the bank. Bank Of America loan modification department will refer you to BAC customer servicing department and sometimes they will send you back to the loan modification department again. There are often some clients who come after they have submitted the wrong information on their application and got denied and now they are not able to figure out the next step.

BAC Loan Modification Timeline

When being dealt with BAC mortgage modification the time frame can vary for many reasons. Here are a few of the reasons this question has such sticky answers.

• For one, Bank Of America is merely a loan service provider. As a service provider they must abide by means of their PSA or Pooling and Servicing settlement that they have with each investor. In a few instances they’re delegated to make decisions on behalf of the investor they’re servicing the loan for and in different cases they are no longer delegated (non-delegated) which means they must request permission from the investor earlier than being capable of making any preparations. a few traders which includes Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all choice making authority from maximum servicers. As you can imagine the more the parties involved the longer it takes and the more chance that someone like Bank Of America has their hands tied.
• Another factor, Time frame is also effected by Urgency. It depends that whether your Loan has a near sale date. If it is then there are some chances that you are going to get bumped up in the process. The large servicers like Bank of America have many short sale going on everyday, So sometimes even if your sale date is very near the bank will not deel with you on priority. This type of business is usually operated as first come first serve but it is also effected by foreclosure status and proximity to sale date.
• Finally, Not all loan modification programs are created equal. Sometimes the bank considers a lot of other options before finalizing the suitable terms for the loan modification. Often you will be put through the modification waterfall. If the finalizing of terms gets dragged on it will take some time and the loan modification will become more time consuming

Bank Of America Loan Modification Timeline Conclusion: The time frame of the loan modification vary greatly. It depends on whether the bank has to decide on the modification itself or it has to send the file to some other place for evaluation and approval. It also depends on whether you fit on the first plan or 10th. The other factors involved are of outside the bank including that whether they get back the review documentation on time or not.

Dealing With A BAC Mortgage Loan Modification Decline

Often dealing with the BAC loan modification and it can gets confusing when the bank declines their request. It is very important to understand the details of all the plans and the conflicts with the info. Here at ACG we have dozens of points we review in order to understand why your BAC loan modification was rejected. Have us review your declined modifcation for free by calling us at 888-934-3444.

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