Who Should I Apply With for Help With My Bank of America Mortgage? – Stephanie

“Dear Steve,

I am a single mother,

30yr fixed mortgage @ 5.375% =$910

Co-borrower: mother
Remaining term: 28yrs, 10 months

Association Dues=$110 (plus an additional $350 was due by this year’s end! and is finally paid off)

Far too much credit card debt for my comfort=$3,500 total
Student Loans=$60/mo
Auto=$235/mo. Still owe appx $7,000
Utilities, taxes, health insurance, etc…

My income=$35,000/yr. No chance of an increase for at least beginning of 2011 or longer. (which wasn’t the
original agreement…here nor there)

Other source of income: child support=$400/mo

I do NOT live extravagently, nor do I live like a pauper 🙂 I have made some lifestyle changes and could certainly do more.

My mortgage is with Bank of America-YIKES! I just stumbled upon your site! Thank goodness! I had just asked them to send me information to apply for HAMP to apply for loan modification. The refinance would only save me $40 at best.

The only way I’m making ends meet is on credit cards. I do my best to pay far above the minimum, but we know that’s not the answer.

One last thing. I am 3yrs divorced. It was in our decree that I be off the mortgage, but long story short, still on the note.

Is receiving a HAMP modification loan realistic as far as me qualifying?

Which company do you recommend I apply to?

Do you have any other recommendations for my current situation?

I appreciate your time and consideration, Steve. Please let me know if you have any questions or thoughts.



Dear Stephanie,

The problem here seems to have less to do with Bank of America than it does with you not being responsible for the mortgage payments and the fact your current income is insufficient to live on with your current expenses.

If your ex-husband was supposed to refinance the property to take you off the mortgage, he may not be able to qualify right now to do that. So, you might want to talk to him about covering the mortgage payment instead.


What I’m most concerned about is the need to live on credit cards still. That tells me your life exceeds your income and the only way to fix it with your marginal level of credit card debt is to reduce your expenses.

I don’t know how old your child is but remember, child support is for the benefit of the child, and not for you. I’ve seen far too many situations that wound up with child support ending and the mother’s drowning because they were using child support to make ends meet.

The HAMP modification seems like it would save a little but you might get rejected based on your debt to income ratio. The only person you should apply with is Bank of America. There is no need to pay anyone for this help since ultimately it will solely be up to Bank of America if you qualify for their mortgage modification.

Please post your responses and follow-up messages to me on this in the comments section below.


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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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