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Bank of America Has Ignored My Requests for a Loan Modification. – Patti

“Dear Steve,

Single mom, monthly bills have increased greatly; no salary increasse for three years; helping son through college; recent breast cancer survivor.

Bank of America has ignored my requests for a loan modification. I owe $145,000. and my home is worth at best $80,000. I get paid twice a month with one check covering my mortgage payment and car, afterwhich only a small amount remains for food and gas. This is repeated with the second paycheck and all other remaining bills. I literally live paycheck to paycheck and have no savings. What would you suggest I do in my present situation.


Dear Patti,

First off, congratulations with your battle with breast cancer. It seems that now is the time to address this situation, The stress of this financial issue is not helping your recovery from breast cancer.

It seems like the continued circle is not a solution. Something is going to have to change here.

It you have not done so already, you might want to talk to a HUD housing counselor, it’s free, and see if there are any other available options with Bank of America.

Outside of that, the most radical and aggressive step you can take would be to hand the house back to the bank and file bankruptcy on the defaulted debt. You could then rent something in your area. It’s painful, a tragedy and a shame but even with a payment modification you are still stuck upside down in the house with barely enough income to get by.

Now might be the time to break the circle, take action and embark on a future with hope. If you want, you can click here to find a local bankruptcy attorney to talk this over with for free.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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