FHA Loan Modification with Bank of America - 3 Month Trial

by Eleonora
(Carmel, NY)

I'm preapproved for a FHA loan modification with Bank of America. Currently I'm in the three month trial. They only asked me for the new lowered monthly payment with no additional documentations, in other words they didn't asked me for check stubs or any other document to prove my income. Are they going to ask me for that after the three month trial?


Mortgage Modification Answer:

It is unusual that they approved you for the trial loan modification right away without collecting documentation of your income and other documents. I'm assuming they took the information down verbally on the phone with you, correct?

I would speculate that they will ask for all the supporting documents including your check stubs, w2's, bank statements, etc. during your trial period and prior to granting you a permanent loan modification.

In any case, have your documents updated and ready so that you will have them prepared and ready to go as soon as Bank of America asks for them.

You're almost there. All the best to you!