The Federal loan modification program was introduced by the Obama Administration to rescue millions of home owners from the clutches of debt and foreclosure. But to achieve the feat of getting approved for the home loan modification plan it required a home owner to follow strict FHA loan modification guidelines, terms and conditions to even qualify for the Federal loan modification program. This necessitates home owners to take the help of loan modification companies for negotiating terms and rates on their behalf for the loan to be modified.

However, the problem with the process is that suddenly several loan modification companies cropped up in the market and it was difficult to identify which was truly genuine and which would not serve any purpose. In the current market, there are many crooks waiting to fleece you of your money and not help you reach your goal. Hence, it is important to know the history of the loan modification company before approaching it. Since there is a slight risk involved in approaching such companies for your home loan modification requirements it is always advisable to approach Loan Modification Attorneys in US as they are legally authorized to help people in need and are much more knowledgeable about the entire Bank of America loan modification program. An attorney for loan modification will know exactly what measures to take to guide an individual with the FHA loan modification guidelines and also negotiate the loan amount with the banks on your behalf keeping legal and practical aspects in the forefront.

FHA loan modification guidelines require an individual to fulfill certain criterion’s before he/she can qualify for the Bank of America loan modification program. These guidelines and criterion’s can only be clarified by an attorney for loan modification because the common man doesn't have the slightest inkling about these prerequisites. The attorney can negotiate with the banks and reduce the interest rate thus lowering the overall mortgage payment for the clients or at times the attorney can negotiate and reduce the outstanding principal. Since an attorney is aware about the legal twists and turns in such negotiations he takes care of any inaccuracies visible on the clients side and covers it to get the negotiation process started and then complete it with good results.

The very first conditions which an attorney will clarify about the FHA loan modification guidelines is that an individual needs to be employed if one wants to qualify for the home loan modification plan. If the client wants the Federal loan modification program to work in his favor then it is compulsory to show proof of employment and proof of income as that is major proof of how you are going to manage repayment of the modified loan. His factor increases ones chances of successfully acquiring the Bank of America loan modification program.

There are several other methods through which an attorney for loan modification can guide you with the FHA loan modification guidelines, prerequisites and also negotiate well with the bank on your behalf requesting them to either eliminate overdue interests or penalties or asking them to approve a low rate home loan modification plan. An attorney will definitely charge a one time fee but it will be worth the efforts as he will save your home for you.