Are you in trouble with loan modification and foreclosure process with Bank of America? Or are you going to deal with new loan or mortgage? Here are 5 top problems you may encounter in dealing with loan modification and forecloseure process with Bank of America?

1. Unclear rules and unpredictable result of Loan Modification
America is a country with many different cultures as well as languages. One of the problems emerges in the success of loan modification is languеgs. It is common that thеrе arе many immigrants that have difficulties in processing the loan modification due to the language gap. The documents that are in English should have been translated into the applicants’ language. This is a very basic problem for immigrant families in processing the loan modification.

On the other hands, the application failures mostly end up without any explanation or clear reason. The lender also give no alternatives for the applicants. Thus, it will leave the failed applicants in the dark.

2. Bank keeps proceeding the foreclosure while the Loan Modification is still on progress
Many forclosures are rental properties. Unfortunately, most of tenants have no idea about the rental properties’ status and what is coming to them. This happens since the landlords want to keep collecting the rent though it is in the forclosure. As the result, they get notifiction to leave the house they will get trouble in getting a new housing in a short time. What is the end? They will end up homeless or in substandard housing.

3. Bank loses the paperworks or askes the applicant to send them repeatedly for Loan Modification
It sounds unprofessional, but it happens. The California Reinvestment Coalition reported that they have to resend the documents on behalf of their clients repeatedly. This another prove that loan modification is quiet complecated.

4. Applicants frequently meet different lender when they check the Loan Modification
Another problem you may deal with when applying for loan modification is it will be so difficult to talk to your case manager. When you call him/her in the second time, you will meet different person who has no idea about your application. Hence, it will bring you back to the beginning; this will be quite frustating.

5. Banks send the tenants away when the property owners fail to pay the mortgage
Applying for loan modification is always taking time. Unfortunately, what mostly happens is that the bank keep proceeding the forclosure although the modification is still in progress. It will bring trouble for tenants who rent the properties that become the forclosure оbject. Thоugh a nоtificatiоn has been sent tо them, it is usually provide them no time to find the new housing.

Those problems are the most common problems you may face in the future when you have mortgage with banks. The loan modification that always takes a long time to proceed will give another problems related to the forclosure. Thus, it will impact not only the applicants themselves but also another party such as the tenant. Therefore, having a good understanding on the application details will be so much necessary to prevent unexpected thing in the future.