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Sunday, April 25, 2010

Bank of America Taking Loan Modifications to the Next Level

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

I received a letter from Bank of America's home retention unit and I have to say I am impressed. As my wife has discussed before we are looking into getting a loan mod on our home and the letter gives some interesting details on what I call customer service.

Although, our modification review is in full swing Bank of America is going the extra mile to help us get a loan mod. The letter states that Bank of America is committed to provide assistance to customers experiencing financial hardship and if we prefer we could meet with a specialist in person.

I think this is pretty cool and really good customer service on Bank of America's part. So if you have a loan with Bank of America and have heard the horror stories of paperwork being lost or maybe you just feel more comfortable dealing with someone in person rather than over the phone, this may be just what you need to stay in your home.

You need to provide financial information related to your monthly income and expenses, including copies of all income sources for the last 30 days (pay stubs, bank statements, tax returns, and utility bill) when you meet with the specialist. So you need to get those items together.

If you need help with your mortgage payments this definitely a more personalized approach to getting help. Here's a kudos to Bank of America.

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