Pre-Approval for VA-HAMP Loan Modification
I was pre-approved for a VA HAMP loan modification by BOA. What does this "pre-approval" suggest? Thanks!Mortgage Loan Modification Answer:
Congratulations on your pre-approval for a VA HAMP loan modification. Pre-approval usually means that based on your bank's preliminary analysis, you qualify for a VA HAMP loan modification.
What usually happens next is that your bank will do a complete underwriting of your submission package and will make a determination on whether or not they will approve you for either a trial modification to start, or give you a permanent modification right away.
I suggest that you call your bank representative who has been assigned to your case and have them clarify what the pre-approval means exactly, and what can you expect to happen next. Make sure you understand your bank's complete process and timeline so you know what to anticipate and what updates you need when.
All the best to you!