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If you are a homeowner and are starting to feel anxious because you are falling behind on your loan payments there is help available that can assist you in a Bank of America loan modification. If you are a homeowners that has had a hardship in life then you need to know your options to stop foreclosure and what it takes to get a loan modification with Bank of America if you qualify. Below are options to stop foreclosure with just about every company including Bank of America.

Before you begin you need the contact numbers for Bank of America

Existing Customers-

Customer Service 1.800.285.6000 Mon-Fri 8am – 9pm ET Loss Mitigation 800.846.2222 – Phone 716.635.7255 – Fax

Now that you have the contact numbers for Bank of American Loss Mitigation you need to understand the options available for conventional, Fannie Mae and Freddie Mac.

The first three options promote retention of home ownership, and are known as reinstatement options because they are intended to bring the loan current or provide relief until they can be reinstated. They are also known as retention options.

Forbearance Repayment Plan Loan Modification

The two options below assist homeowners in default and aid in transition to lower -cost housing or relocation. These options are known as liquidation options because they liquidate the loan.

Short Sale Deed-in-Lieu

There are minimum eligibility requirements to qualify for reinstatement or liquidation workout options. These are:

All workout options are available to borrowers who are in default. Disposition options are available immediately upon default, if the cause for default is incurable, borrower has severe hardship due to illness and is unable to make mortgage payments. Vacant or abandoned properties are not eligible for reinstatement options. Exceptions may be made for vacant or abandoned properties when circumstances are related to default such as job transfer, death, or other documented reason.

If you are falling behind on your car payment, chances are good that you have at least heard tell of the concept of the vehicle loan modification or other modifications of an automobile loan. The concept of modifying an existing loan is certainly not new, but has come into a new light as the economy continues to crumble. With more and more individuals having a hard time keeping up with their bills, it is not the least bit surprising that so many finance companies, banks and automobile dealerships are concerned with the ability of their consumers to make their payments. By going out of their way and allowing modification of existing auto loan, consumers can be made to feel more secure in their situation and a compromise can be reached in order to keep from repossessing a vehicle.

While it is easy to think of banks and finance companies as heartless bloodsuckers, the truth is, they have no interest in repossessing your vehicle. When a bank repossesses a vehicle or any other financed product, they have to deal with the task of reselling it. Banks are not in the business of selling anything, banks are in the business of loaning money. Whatever money that they have loaned you in order to purchase a vehicle, they need to recoup. By making a vehicle loan modification and working with the consumer, banks and automobile dealerships can help everyone involved and keep from repossessing a vehicle. Naturally, the bank has no interest in taking your vehicle back, as they would simply have to sell it again. This is the last thing that the bank or finance company wants to deal with, as they would much rather just let you keep the vehicle and make some type of modification of the existing automobile loan in order to prevent such drastic measures as a vehicle repossession.

While it might seem obvious at first that the individual might want to keep from having their vehicle repossessed, there are a multitude of reasons that make it almost critical to avoid a repossession. First and foremost, a repossession stays on your credit for seven long years. Nobody in their right mind wants to sabotage their credit in this manner and would very likely do almost anything to avoid having these types of problems. By working on a modification of loan with the bank or lending company, a compromise can be reached that can allow the individual to keep their vehicle and avoid losing their investment. But not only will a repossession damage the owners credit, they also lose every penny that they put down as well as any recurring monthly payments that they have kept current. Losing all of this in one blow is hard for many consumers to come back from, and a vehicle loan modification can make all the difference in the world for these individuals who are having problems staying on top of their bills.

In many cases, a vehicle loan modification is the only option for those who are under water in their car payment.

You have probably figured it out by now, a lot of people are making big money in the loan modification business. One of the reasons for this is that there are not a lot of laws out there that regulate the loan modification business. Some people are just getting into this new business may not be aware that new laws are being passed that affect one important part of this business, namely the charging of an advance fee.

In this article, I am going to provide you with some information regarding the types of new laws we are seeing that affect our industry. To those of us in the loan modification business, advance fees are important as as the collection of these fees help us guarantee that we will be paid for the services we are providing.

When helping a client with a loan modification where we are unable to collect an advance fee, we get concerned that even if we are successful in negotiating a great modification for the client, we might not get paid for our services because the client does not have the money available to pay us once the loan mod has been approved.

We are now seeing states that are starting to come out with new laws restricting advance fees. Florida and California for example have new laws that restrict advance fees charged by foreclosure consultants or foreclosure rescue consultants. The California law is already in place with further restrictions going into effect in 2009. The Florida law goes into effect on October 1, 2008.

The new Florida law has two main prohibitions that apply to most loan modifications.

You cannot engage in or initiate foreclosure related rescue services without first entering a written agreement with the homeowner.
You cannot charge or receive or even collect a fee for your loan modification services before completing or performing all services contained in your written agreement.

There’s still plenty of money to be made in the loan modification business. You just need to be alert to the changing laws that are being implemented that affect the loan mod industry.

To learn more tips about starting a loan modification business, download this.

To avoid foreclosures in the continuing housing market crisis, the FHA has been given permission to insure up to $300 billion in new loans, as long as lenders are willing to cooperate with home loan modification programs. The funds and expanded authority were granted to the FHA under the recently passed Housing and Economic Recovery Act of 2008.

The Act also includes nearly $15 billion in housing tax breaks, including valuable tax incentives for first-time homebuyers. But American consumers faced with troublesome mortgage payments are most exited about the home loan modification programs that will allow the FHA to basically assume responsibility for bad loans and borrowers and refinance them into new, FHA-insured 30-year fixed-rate mortgages. To participate in the emergency program banks and mortgage companies have to voluntarily agree to do loan modifications and mortgage rewrites to make sure that homeowners do not owe more than the current market value of their houses. In return for the write-downs and more user-friendly terms, borrowers agree to share potential profits from future sales of their homes with the FHA. That helps to offset the financial burden on taxpayers by reducing the overall cost of the initiative.

When Congress passed the Housing and Economic Recovery Act of 2008 during the summer, it did so by a wide bipartisan margin but the Bush administration promised to veto it. The president backed down and signed the bill, however, once it reached his desk.

Since the bill passed the economy has worsened, and the entire world faces one of the worst financial crises in history. Some homeowners worried that the big $700 billion rescue plan might overshadow the FHA loan modification project, but representatives of the FHA have reassured them that everything is still on track. That is great news for homeowners needing to refinance before banks take away their homes, and the loan modification plan is scheduled to continue at least for the next 2-3 years.