Keith gave you good information. Contact an agent, certified to assist with distressed properties. They can work through the system easier and faster than someone who has no experience. BOA has a reputation for being challenging. If you are doing it on your own, which I do not suggest, be sure you are speaking to Loss Mitigation.
Good Luck!

Hello, BOA is very difficult to work with. Its almost as if they benefit from people losing thier homes, which I feel in some underlying aspect they do benefit (BANKERS) are not as stupid as they may appear. They are bankers and orchestrated the real estate crash which their generations from years to come will be eating off of the money that has been made with a of these toxic loans. Anyhow, our company buys pre-foreclosure homes so if you are not able to resolve this with a loan mod which is most people only option to "save" their home, we can possibly buy the home from you before you go into foreclosure and relieve you of the dreadful foreclosure burden. For more info visit http://www.foreclosurehelpinmiami.com and contact us we will give you more info on how we can help you. Or call us at 954-889-4403 before its too late.

Not sure why they are not responding, Bank of American has been know for taking quite some time to resolve these issues, consider contacting a Realtor to assist you in a Short Sale on your home, this paper work goes into the bank for approval usually this will generate a call from the loan modification unit.

Good luck!,

Contact your local or state legal bar association and see if they have a pro bono program to help home owners keep their homes and prevent foreclosures. The state of Maryland has a fantastic program where lawyers donate their time and expertise to help home owners modify their mortgages and bring legal action in court if appropriate. Often, the banks are more apt to respond in a meaningful way when they are contacted by attorneys on behalf of the homeowners. Maybe your city, county or state has a similar program.

Just remember that the key word is pro bono (free). There are many individuals and companies are there who prey on people facing foreclosure so be careful. Again, your local bar association is where I would begin my quest for representation to modify your mortgage.

It sounds like you are talking to the collection department. You need to get out of the collection departent and get to the loss mitigation department. Get inforation prepared that they will want: 2008 tax return,pay stubs, last two bank stubs, income /expenses for a typical month and assets and liabilities.

Then if you do not get a response from the bank create a document and at the top indicate it is a "qualified written report". This should out line your issues and what dealings you have had with the bank and what you want to accomplish. The bank must respond to this.

Look at your options:
1. Do Nothing- If a homeowner does nothing, they will most likely will loose their home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed. Credit reports also disclose this damaging information. Not the best option.
2. Payoff/Refinance- Completely pay off the entire loan amount plus any default amounts and fees. Typically this is accomplished by refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penality because of the recent default. With this option, there should be equity in the home.
3. Reinstatement- Paying the entire default amount plus interest, attorney fees,late fees,taxes, missed payments and fees.
4. Loan Modification- Utilizing the existing mortgage company to capitalize the debt or extend the terms of the lian. This may allow the homeowner to catch up at more affordable level. To qualify, you must prove to the lender you have fixed the problem that caused the late payment.
5. Forebearance- Lender may be able to arrange a repayment plan based on the homewoner’s financial situation. The lender may even be able to provide a tempory payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.
6. Parital claim- A loan from the neder for a 2nd loan to include back payments,cost and fees.
7. Deed in Liew of Foreclosure- Give the property back to the bank instead of the bank foreclosing. Banks generally require the home be well maintained, all mortgage payment and taxes must be current. Most loan applications ask if this has ever happened.
8. Bankruptcy- This option can liquidate debt and or allow more time. I can refer you to a qualified bankruptcy attorney.
. Chapter 7 (liquidation) To completely settle personal debt.
. Chapter 13 (Wage earner Plan) Payments are made toward a plan to pay off debt in 3-5 years.
. Chapter 11 (Business Reorganization) A business debt solution
9. Rent the property- when rent will make full payment or you have the ability to make short fall. To do this option, the loan must be brought current.
10 .Sale- If the property has equity (money left over after all loans and monetary encumbrances are paid). The Homeowner may sell home without lender approval through a conventional home sale.
On the other hand a short sale, also known as a pre-foreclosure sale, can be negotiated with your lender by our Real Estate Professional if what is owed is more than the property value


Good Luck


Keith Manson
First Weber Group
Certified Distressed Property Expert
Milwaukee Metro Area

I echo with Mark that the best thing you do is write something or explain to them
that your not able come up your payment at this time. Do you have a problem
with your job. Some bank are tough when it come to mortgage payment
other bank are easy to deal with. How many months behind on your payment?
I think there is remedy for this situation.

Sorry, you are dealing with BoA. I can't think of one good thing to say about them.

Antonio's link to the 3648 program is a good one to try. Here's another idea, try your elected representatives, local TV, or newspapers. Everybody likes to beat up BoA these days and if you've got a good story that makes them look like they are treating you unfairly, someone will want to get some spin out of that. Your congressman is a good place to start.

Another place to look is: http://www.affil.org/

Good Luck, Mark

Hi, so your loan modification was denied, what did they said? You income is not enough?
Would you please explain a little bit more?
You are behind on the payments, did you ever had a payment agreement?

M:

BoA no es facil de bregar. Si un loan modification y un forbearance son negados la unica salida para salvar tu credito es hacer un short -sale. Y aun asi BoA es uno de los bancos que mas se demoran en completar eso tambien.

Yo soy representante del Programa 3648 para esta region de Florida Central. Mientras solo 13% de todas short-sales en el mercado llegan a un cierre, nuestro programa tiene un "success rate" de sobre 90% y es totalmente gratis. Chequealo en http://www.program3648.com y dejame saber si tienes alguna pregunta.

Tony Vega
avegapacheco@aol.com http://www.SearchKissimmeeHomes.com

boy I wish I had some sort of way of helping you - but I do not, BOA is . . . well BOA

I wish you the best of luck, keep calling them - their CEO is retiring and taking a ton of cash with him

John