Bank of America Mortgage Loan Modification Calculator - Calculate Your New Payment Today!

If are searching for information about a Bank of America mortgage loan modification, you will want to check out the link below.  They have a free calculator that will tell you what your new monthly payment would be if you were approved.

This calculator runs off of the Obama Mortgage Plan (or the HAM program).  Within these guidelines, your monthly mortgage payment will be capped off at 31% of your net monthly income. 

This is accomplished with 3 steps, but stops when the cap is reached.  For example:

1. Lowering your interest rate to 2%

2. Increasing the term of your mortgage loan, i.e. from 30 years to 40 years.

3. Reducing your prinicpal balance.

The last one is very rare.  This is because when you lower the interest rate as low as 2% and increase the terms of the loan, most people are usually under the 31% cap and there is no need to reduce your balance.

I know everyone is looking for a balance reduction, but think about this.  This program actually makes your payments affordable.  That is what you need if you are facing a financial hardship and are struggling to make your payments.  A payment reduction is all you need to think about if you are trying to keep your home. Getting a 2% interest rate is going to drop your monthly payments big time!

Plus, you did purchase the home for that price.  It's good to remember that, even if you bought in "05-'06 and you've seen your values plummet.  Real estate is a risk, after all.

Ok, go to this website and check out the loan modification calculator.  This can tell you what to expect your new payment to be if you are approved for this program.  Bank of America does have these guidelines in place, so all you need to do is get approved and your good.

Not as easy as it seems, however.  You need to have your financial information presented correctly to Bank of America or you will be denied for sure, like thousands of other homeowners.

If you like the new payment from the calculator and would like assistance getting that payment, just fill out the form to the right of the calculator and someone will be glad to help make that payment a reality for you.