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How Does Bankruptcy Affect Your Home Loan Modification
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My experience has been that BofA is a nasty company to deal with loan modifications, short sales and short payoffs. They wait until the VERY LAST minute to negotiate with you. I had a property that had a sale date and we were working on a short sale. BofA will not short their 2nd any less than 5% of the SALES PRICE NOT 5% of the loan you have with them. THEN they will issue a deficiency judgment afterward!<br><br>Homeowners who don't qualify for loan modification, or whose [http://annajohnson404.xanga.com/ bank of america mortgage bad credit] balance is worth more than the home itself, usually opt for a short sale. In a short sale, the lender agrees to let you sell the home for less than the balance you owe, and accept the proceeds as your payment. While you don't get to keep your home, both you and the bank avoid future loss and you get to walk away without other financial obligations.<br><br>Phil Jackson of Marysville, WA said his FICO scores dropped from the mid-700s to the mid-600s after his lender put him on a trial modification and reported it as a partial payment. On the plus side, the trial modification has cut his monthly payment by $1,150.<br><br>It's simple. Turn the tables on the bank! We've shown you how they front-load the interest. Now you know what thousands of people who are already paying off their mortgages early have learned: find a way to pay a larger portion of each payment toward the actual debt. Oh yes, it's easy to do!<br><br>A local Expert can show you how to qualify for the lowest possible monthly payment and get back on track with your lender, even if you are in active foreclosure.<br><br>One out of every 3 homeowners is having trouble making payments. Falling Real Estate prices have made the prospect of Refinancing almost impossible. According to RealtyTrac, one in 45 homes was hit with a foreclosure filing in 2009.<br><br>The ethical honest 'Real Estate Industry Professionals' needs to step up today and assist the 'American Homeowners' that are being victimized and assist our governmental agencies from these fraudsters, if you do not know how, educate yourself, and then educate the homeowners!<br><br>FICO will ignore this new notation for the time being. [http://brookejahn.wordpress.com/ mortgage applications fall]. FICO is the number one provider of credit score information. It will neither help nor hurt a person's credit score until FICO decides how to treat it.<br><br>If you're ready to find more information in regards to Rural home loan ([http://lindseybrooks11.angelfire.com/ you could try this out]) review lindseybrooks11.angelfire.com/
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