Bank Of America Loan Modification Is Taking Way To Long




I am being re-considered for a Bank of America loan modification again because BOA was unclear on asking for my "latest tax return".

I had sent my previous years tax return because in 2010 I had an extension and had not yet filed.

My reasons for needing a Bank of America mortgage modification are: First my home is underwater and second my job is not a steady income anymore.

My wife is not on the Bank of America mortgage note. Is her income a big factor in loan modification with Bank of America? Are my savings which are for an emergency a big factor in Bank of America mortgage loan modification?

I am filing loan modification because my situation has changed from when I first applied Bank of America for a mortgage. I am currently not behind on mortgage payments but do pay at end of the grace period.

Bank of America Mortgage Loan Modification Answer:

by B of A Mortgage Loan Modification Expert - Dan North

Before I answers your specific questions on Bank of America loan modification problems I want to take up the general answer on BOA or any lenders loan modification programs.

  • Financial Hardship is a requirement on any loan modification by any lender. No matter how much your income has reduced or bills increased or house has declined in value, if you still have enough income to pay your mortgage with no financial strain Bank of America will deny to modify your mortgage payments.


  • Upside Down Mortgage is not a financial hardship or valid reason for needing a Bank of America mortgage loan modification. It can be if you need to sell because you are moving to another area and will need to short sell but that will be on a case by case basis with Bank of America so it is a bit arbitrary on that point.

Now to take up your specific points, your house being underwater will have no bearing on whether you will get a modification and is only a consideration if you are trying to short sell.

You Need Financial Hardship To Qualify For HAMP Or Bank Of America In-House Loan Modification Programs

On your income not being steady that can be a valid reason for modification if that causes you to be in a financial hardship. Most likely your past annual gross income will be divided by 12 months and the average monthly gross income will be used to determine if there is a financial hardship.

Do Not Let B of A See Your Wife's Income
If Not On Mortgage

On your wife not being on the mortgage note then under HAMP Guidelines her income is not taken into consideration for mortgage modification.

Bank of America does not need to be sent any information on your wife, no matter if you request HAMP Modification or an in-house Bank of America loan modification.

If you file jointly then BOA will be receiving your wife's income information and that can become a factor once they have that information, so you would have to file separate income tax returns. Best solution is do not let Bank of America have your wife's income information even if they ask for it. You are not required to provide it.
  • (One exception to the above is the case where you need additional income to qualify for a mortgage loan modification, then you would only report the amount needed to qualify and report that amount as your wife's contribution to the mortgage.)


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Bank Of America Loan Modification Is Taking Way To Long

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by: Anonymous

17 months of Bank America modification loan mod, foreclosure date June 24th and they still do not know if it will be postponed!!!! behind 17 payments, $900,000 loan with payment due of $75,000

Hardship was downturn in economy, now we are back on our feet but need to catch up and property is underwater. I wrote that in the letter, will they consider me for 30 or 40 year fixed and put the balance on the end of the loan, anything just to get back is okay?

Also should I be concerned about this not being postponed?, while in the modification process? Please help!

Bank Of America Loan Modification Answer:

By Bank Of America Loan Modification Expert - Dan North

Fortunately B of A is the least likely of the big lenders to foreclose.

BOA will often hold off a long time on foreclosure but are not very fast on mortgage modification and prefer to short sell.

You do have a chance to modify if your NPV Test (Net Present Value Test) looks good. Go ahead and download the spreadsheet and play with the terms. The more upside down your mortgage is the better the outcome.

Propose terms that you can afford to pay. Adding the delinquent payments to the back end of the mortgage and extending to 40 years will help but 17 months of missed payments is going to make your monthly payment higher than you expect.

Be sure to ask that all late fees and extra intrest and charges are waived before adding missed payments to the back end of the loan.

Also send in your Qualified Written Requests for a copy of the note, name of investor who owns your mortgage with contact data. See article How To Save House From Foreclosure - 3 Ways To Stop A Foreclosure Sale and follow the directions in the section: Two More Ways To Save House From Foreclosure Sale With Qualified Written Requests.
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by: anonymous

I seem to be in the boat with a lot of folks.Bank of America is a joke when it comes to trying to get a Loan Modification through them. They have not tried to help us whatsoever.They keep sending us packet after packet to fill out AND WE HAVE.To only receive more and with this last one they sent it back asking for more financial information and when they were told we had given them all we had, THIS THEIR RESPONSE, TAKE US TO COURT. THEY HAVE NEVER PROVIDED US WITH ANY HELP!! Bank of America IS A JOKE, THEY ARE NOT OUT TO HELP ANYONE!!! And when they put me out of my home, MY HUSBAND AND I WILL BE HOMELESS, BUT THEY COULD CARE LESS!

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