How do you qualify for a mortgage modification from Bank of America?

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And is it worth it? What do you tell the bank about your finances and your job. Does the bank leave the reduced interest rate of the entire length of the loan? Please be as specific as you can, thank you.

5 Comments
  1. Reply
    Caveat Emptor
    May 1, 2011 at 5:57 am

    Ask BofA. You’ll need to do more than “tell” the bank about your finances; you’ll have to show them.

  2. Reply
    Debdeb
    May 1, 2011 at 6:45 am

    Call 800-846-2222 and ask them.

  3. Reply
    godged
    May 1, 2011 at 7:35 am

    A mortgage modification is not easy to obtain. Typically the process goes something like this:

    You inform the lender you are interested in a mortgage modification and the reasons why you need the modification to stay in your home.

    They give you a list of information that they require.

    You provide all that information or you do not even get considered for the modification.

    You wait. It can easily take months and may go on for over a year.

    Initially, you may be approved for a temporary modification, and if you meet the terms of that, you may be approved for a permanent modification which will reduce your interest rate for the life of the loan.

  4. Reply
    My Take on It
    May 1, 2011 at 7:39 am

    You apply for it.

    Go to this discussion board to talk to others who have or are in the midst of getting a loan mod from BofA:

    http://www.loansafe.org/forum

  5. Reply
    San
    May 1, 2011 at 8:19 am

    change in life, your income. Let me tell you your in for a long ride with them. I started this process with them in Aug. I have heard it can take up to 9 months. I read on their web page that I would have an answer in 10 days, Not!!!! At 1st they kept saying I was missing information, then I would fax them the info they wanted. Then they said it was at the last spot it should go to the underwriter, They lied just to get me off the phone. My file is just sitting there, there is so many ahead of me. I am really at the point that I just feel like if it happens thats great, I do not have my hope up anymore. Good luck to you.

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