Category Archives: Auto Loans
Bank of America Loan Modification – More Flexible Than You May Think
Getting a Bank of America loan modification is a bit of a hassle and can take quite some time. But as the largest financial institution in the United States and one of the biggest lenders for prime and sub-prime mortgages, they do offer a wide variety of modification packages. However; it’s difficult to receive any sort of loan modification assistance from Bank of America.
The first thing anyone who is going to request a Bank of America loan modification should do is to speak to their loss mitigation department to:
– Let them know you are going to opt for loan modification.
– Get the modification requirements
When speaking to the Bank of America representative over the phone, they may present you with multiple options and programs for loan modification. There are a variety of options available for almost any financial situation and budget, though you may not qualify for every option.
As with getting loan modification with any lender, a borrower must be going through times of financial hardship in order to receive a modification on their mortgage. While being in financial hardship may seem like enough to the borrower, Bank of America needs to be sure that after the modification the borrower will be able to afford the monthly mortgage payments after they receive their lower interest rate. Because of this, the application sent in must portray that the borrower has a plan ready to budget their monthly income and accommodate the new payments.
Failure to prove they will have their finances under control almost always ends in disqualification.
When filling out the Bank of America loan modification application, homeowners should be absolutely sure not to make any mistakes, as they can also end in disqualification. Writing a professional hardship letter to send in along with the application is a must as well, and sending in any documents requested when speaking to the loss mitigations department will speed up the process and increase approval chances.
Bank of America offers programs that can drastically affect a mortgage. There are the normal lower interest rate modifications, but there are programs that reduce the principal and others that can change adjustable sub-prime rates to regular, more moderate rates. The options are not endless, but the ones that are available can assist any of their borrowers who need it.
A Bank of America loan modification is fantastic for those who can’t afford their mortgage due to interest rates, but the loan modifications don’t help with homes whose value has drastically fallen. Speaking to the loss mitigations department can also yield solutions for those homeowners as well.
Merchant Cash Advance to the Rescue
Merchant Cash Advance to the Rescue Times are tough for small business. Businesses have been closing their doors at an alarming rate. What makes this a particularly rough time for businesses is that they are getting it from both sides;
- ,li>Customers arent purchasing their goods or services like they used to.
- Banks arent lending them the working capital to get past these tough times.
This is what is known as a “double whammy”. This current financial crisis is causing a lot of sleepless nights for many small business owners. I have come into contact with people who are being forced to close their business that they have owned for over 30 years. I cant express the amount of pain that these people are going through.
For many, a business loan could have saved their business. But the banks are unwilling to loan money to any business that may show any sign of financial trouble. What is maddening is that these large banks were given our tax money to do just that; loan us money.
Fortunately, there is a business loan alternative called a merchant cash advance (or merchant loans). They arent perfect; but they come awfully close.
The advantages of a merchant cash advance
There are many advantages to a merchant cash advance. One of the most important is that they will give you money even if youve been turned down by the bank. Other advantages include;
- Good credit is not a requirement
- There is a 95% approval rate
- Approval takes about 24 hours
- You business is typically funded within 7 days
- No collateral is necessary
- Flexible payback structure
- Quick, easy application process
- You can get funded up to $500K
As you can see, there are many benefits to merchant loans. The only advantage bank loans have is that they cost less. But that doesnt do anyone any good if they cant get a loan.
One of the unique aspects of a merchant cash advance is the flexible pay back structure. Heres how it works;
In order to receive a cash advance; you need to enable your processor so that a percentage of your daily credit card sales are automatically used to pay back the merchant loan. Because they only use a percentage of your credit card sales; the payback is dependent on the amount of business you do for that day. That means you pay back less on slow days and more on busy days. They do not touch your cash sales at all. This takes a lot of stress off your business and creates an environment that is easy to pay back your advance.
Merchant cash advance providers is a growing industry. They have advanced hundreds of millions of dollars to thousands of small business.
It is always in your best interest to stay informed and to keep your options open. I have provided a link below so you can learn more about how a merchant cash advance can help your business.