How do you do a loan modification for Bank of America?

Answer 1

Follow directions... follow up with the bank at least once a week.

Have at least $500 left over after all of you expenses are calculated against you income.

That's about it.

A different opinionAs a borrower, your finances have to support three things:

1) that you can no longer afford your mortgage payment at it's current rate

2) that you WOULD be able to support your expenses with a modified mortgage payment

3) that you have suffered a financial hardship (reduction in income or unexpected expenses)

Obviously, there is a fine line of people that qualify under these terms. Most people that can't afford their mortgage wouldn't be able to afford a modified mortgage. I do this work daily at a mortgage company.