What is Equity

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a loan modification to reduce mortgage interest rates, the rumors in the past few years more and more people are struggling with a sluggish economy and job losses across the country. Many questions still swamps around the loan process changes in this article we will look at the loan principal, in particular the opportunities provided by Bank of America. Because Bank of America is buying Countrywide Home Loans, to challenge for major lender as well as many color off the mortgage and the implications of mortgage fraud are coming to the surface.

With that being said, the biggest lender in the country intensifies its efforts to try to keep people in their homes. So if you have a home equity loan with Bank of America, it is important to know that you have no options. Let's examine some of the requirements for this program:

-have a home equity account open for at least 9 months, I have not yet received a home equity loan account help once in the last 12 months or two times in the last five years appears financial difficulties , such as job loss, divorce or medical emergency, have the willingness and ability to repay the loan

If you can not, that does not mean you can not work something out and you should contact your lender. So how do I get started? You will need to collect some documents and a loan modification for a second mortgage is similar to the change first, so if you have already gone through a loan modification on your first mortgage, you should be pro by now!

Gather important financial information such as pay stubs, hardship letter, bank statements and tax returns. You will need your account information, so grab your latest mortgage statement, you will want to have all your monthly expenses on paper, it will include rent, food, utilities, etc. Be sure you have everything together you call the equity department of your loan servicer, you can call for experts (see website ).

So what happens when I talk to the experts and they determined I have the right? After you submit your data, you'll want to stay in touch with the equity department, make sure you're calling them at least two to three times a month, and keep the conversation log of all the things you talk with a representative.

If you get approval, you will need to enter the 3-month trial period, after they made ​​payments on time should get the final document, a loan modification. You May also be asked to submit updated documents such as pay stubs or bank account, so keep these handy when the process completes.

Remember the most important thing is to start the process and secondly to keep in touch with your lender!