How to Apply for a Mortgage Modification with Bank of America

If you are like me then you are struggling to keep your house and pay your bills. This last year and a half has been extremely hard on me and my family .

I had to take a pay cut at work, along with reduced hours and my ex husband also stopped making payments. Child support is chasing him but you know how that goes.

I took a second job so that I still could pay my bills. I now work 7 days a week and still struggle with my mortgage.

I applied for a loan modification with Bank of America and I will give you the steps that I took.

You can ask for a loan modification with Bank of America on your primary residence only. Gather together some of the paperwork before you call, so you are prepared.

I suggest reading through www.loansafe.org to get advice and see how others have worked through their loan modification process. This is a free website where people just post about their loans, what bank they have, contact info they found, modifications offered, what to do if denied, how to write a hardship letter, how to write a monthly budget, what is HAMP?, etc.

It is chock full of great information on applying for a home loan modification. It also has information on the Making homes Affordable Program and how to fight foreclosure and do a short sale.

You will need your loan number with Bank of America (or any bank) these steps will be the same or similar for all mortgage banks)

Get a folder and gather your last 2 months bank statements, last 4 paychecks stubs, last years tax returns, one utility bill (not sure why but they asked me for it). Call 800-720-3758 to start the process with BOA.

They will ask you for about your hardship over the phone and then ask you to put it in writing. This is an important step. You can pull up sample letters on www.loansafe.org and if you are not sure just post your story and others will help you write it.

You will need a monthly budget. Be careful. They will want to see at least a 200 dollar surplus each month. Even if you do not have one - write a budget where it exists. Cut back on groceries, or cancel or suspend a cell phone.

Remember they check your credit report so they will know about your loans and revolving credit payments. They cannot see how much your utilities cost or how much you spend on groceries. There are sample budgets on www.loansafe.org.

I applied for my modification in March 2009 when my loan was with Taylor, Bean, and Whitaker. They kept saying they lost it and finally said I contacted them in May 2009. Then they lost it again and then they went out of business and my loan went to BOA or Bank of America.

I had to re-apply for the making home affordable program with BOA in September 2009. They denied me. I called HUD and spoke to a counselor and they told me they could not deny me. I had BOA re-open my file but then they said it would take 4-6 months to hear back.

I kept calling and kept getting the run around. I found the website the end of November and it took me awhile to read through it all. There is a ton of free information on it. I took notes and found a way to email the office of the president of Bank of America. I emailed and within 24 hours I received a phone call back from an English speaking person from the OOP or Office of the President. He is now getting my file ready for a negotiator. He gave me his direct phone number and apologized for any inconvenience I experienced.

If you already opened a file for modification with BOA and are getting the run around then email barbara.j.desoer@bankofamerica.com - you will get a call within 24 hours and they will do what they can to escalate your file for you. Do not lose hope. It takes patience and lots of time but is well worth all your efforts. After all, your home is your castle.