Bank of America Loan Modifications Lag-Why So Mean B of A?

Posted by admin On December - 28 - 2010

Why is Bank of America the meanest mortgage lender?  They are the biggest, and have the highest number of delinquent mortgages, but they are also one of the most difficult to work with if you are trying to get approved for a loan modification.  While they hold the highest number of potentially HAMP eligible loans, their conversion rate is among the lowest of all the banks currently offering loan modifications to struggling homeowners.

A Bank of America loan modification involves a long, drawn out and painfully complicated application process that most borrowers simply do not understand.  That could be the reason that many homeowners simply give up on trying to qualify-they get worn down by the delays and requests for more and more paperwork from the lender.  The federal program, called HAMP, was initiated to make the application process simpler, but the fact is the Bank of America has not really gotten their act together and so they have a huge back log of loan mod applications still waiting to be reviewed.

Federal Plan

The good news is that Bank of America has started over 93,000 permanent loan modifications-the bad news is that figure represents only a 28% conversion rate from trial mods-not a very good rate of completion.  Remember, under the federal HAMP guidelines, borrowers must be first given a 3 month trial modification and only after all of those payments have been made on time can the homeowner be given a permanent loan workout.

The first step is to get approved for a trial modification so that the final mod will be possible.  That can be easier said than done, because homeowners need to prepare and submit their application correctly so that it proves that the borrower fits into the guidelines.  The financial statement is critical to this approval-if the homeowner does not prove in black and white that their monthly income and expenses fit into the standard formula, then chances are they will not be approved and there goes the chance for a loan workout.

Know the Guidelines

A Bank of America loan modification will only be offered to those homeowners who fit the HAMP guidelines, and if you don’t know the guidelines that  can be tricky.  These guidelines are a mathematical equation that uses the gross monthly income, monthly expenses and money in the bank.  If this sounds confusing, then you may want to get the help of a loan mod software program that actually does all the calculations for you automatically.  Simply put in your own income, bills, etc and you will see immediately if you are qualifying or if you need to make some minor adjustments to your budget.

A Bank of America loan modification is possible-if you prepare and submit the application correctly.  Prove that you are a good candidate with your financial statement and you have a good chance of getting a loan modification.  Thousands of borrowers have already been helped using this software program-why not you?

Not sure how to qualify for a loan modification?  Loan Mod Quick App software takes the confusion out of preparing your application.  This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you.  Why take chances with your application?  Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you!  You can save hours of time and avoid costly mistakes.  The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more.

Susan Gregory is the author of two resource books for homeowners and real estate professionals, the best selling The Complete Loan Modification Guide Kit and The Stimulus Book-HAMP & HAFA Edition.  She also teaches workshop training classes for the federal programs to help real estate professionals assist homeowners with home retention and exit strategies.

Easy to Use-Avoid Mistakes!

The Complete Loan Modification Guide kit provides a valuable resource for borrowers that includes a step by step handbook, required forms, and a loan modification software program that mimics the federal approval triggers for loan modification.  An advocate for homeowners, Susan also offers free 30 day email support for all of her clients who purchase her publications.  Thousands of homeowners have been helped using these materials.  Visit for more information.

1 Response

  1. John Wright Said,


    Have you seen the little piggies
    Crawling in the dirt
    And for all the little piggies
    Life is getting worse
    Always having dirt to play around in.

    Have you seen the bigger piggies
    In their starched white shirts
    You will find the bigger piggies
    Stirring up the dirt
    Always have clean shirts to play around in.

    In their ties with all their backing
    They don’t care what goes on around
    In their eyes there’s something lacking
    What they need’s a damn good whacking.

    Everywhere there’s lots of piggies
    Living piggy lives
    You can see them out for dinner
    With their piggy wives
    Clutching forks and knives to eat their bacon.

    When I filed my lawsuit against Bank of America, I thought of the many others out there in the same situation. It was then that we decided to educate the public on what these piggy banks are doing, as well as unite us all together as one voice. Please help me turn this David vs. Goliath modification process, into a Goliath vs. Goliath.

    Please stand with me and send an email to Bank of Abusing America that states that we will no longer tolerate their potentially illegal, fraudulent, irregular and abusive business methods.

    So please send your email directly to Bank of America and include the following:

    1. Your name
    2. Your complaint concerning your experience with Bank of America.
    3. Please end your email “I support John Wright vs. BofA Lawsuit!”
    4. Please send a copy of your email to
    5. Please send your email to BofA CEO Brian Moynihan:


    I have created for all of those who have been abused by Bank of Destroying Americas potentially irregular, fraudulent and simply abusive home loan modification process.

    Divided we might have fell America. UNITED WE MUST STAND!

    My name is John Wright AND I AM FIGHTING BACK!

    John Wright

    Posted on December 28th, 2010 at 12:18 pm

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