Why is Trying to Get Bank of America to Modify a Mortgage Such a Horrible Experience? – Peter

“Dear Andy,

Was laid off for 6 months and found a job, but at alomost a 50% reduction in pay. Two months behind with mortgage and all other bills are behind as well.

Have applied for the remodification program with BOA, but they are as usefull as.. well you must know!

Where can I get help to reduce my mortgage payments and get back on track? I have been looking for side work and have recently obtained by Realtors sales person license in MAss hoping that will help bridge the gap???


Dear Peter,

To get your payments lowered and get yourself back on track a loan modification will probably be your best bet. I agree, working with BOA can be an awful experience, but they will be your only source to get the solution that you’re looking for. You will find companies out there advertising help, but all they can do is make the same request and go through the same exact review process that you’re already working on yourself. It can take forever, but as long as you stay on top of BOA and send them everything they request, they will eventually make a decision.

Also, be sure to do your best to continue making mortgage payments throughout the review process. The further you fall behind, the harder it will be to catch up, should BOA deny your modification attempt. In Massachusetts you would be in jeopardy of going into “Active Foreclosure” at the 150 day mark, or about 5 months behind. Always keep this in mind.

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Keeping your loan from falling too far delinquent will also help if your loan modification is successful. The less that you owe them when they modify your loan, means they will be “pushing less money to the back of the loan”. Which is a just a fancy way of saying that they will be adding it to your principal balance. If your ultimate goal is lower payments, then the lower your balance is, the lower your payments could potentially be reduced through modification.

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Modification is never a guarantee and if your home is underwater, a modification will not do anything to help you with that. In fact, by adding arrears onto your balance it will only make the equity position worse. If you find that modification is not a reality and you can no longer afford your payments, you will probably want to look into a short sale. This involves getting the home on the market, finding a buyer at market value, and getting BOA to approve it as a short payoff. This could get you out of the home and moving in a better direction, without the lasting damage of a foreclosure. It’s worth looking into.

I think getting your RE Sales license is a great idea. Real estate has been good to me, but it’s like any profession. You get out of it only what you put in. If you put in part time work, you’ll get part time pay. If you work it full time, the sky’s the limit. We’re right here in MA also and we’re always looking for good agents to work with. Feel free to call anytime. Northeast Properties. 866-794-1869.

Good luck and please keep us posted on your progress in the comment section below. I am subscribed to this post and will do my best to always respond promptly.

Best Regards,

Andy is a licensed real estate broker in Massachusetts and is the founder of Northeast Properties in Norton, Massachusetts. His brokerage is designed to help homeowners in today’s difficult real estate market, specializing in short sales. Andy speaks with Massachusetts homeowners every day, helping them to address their questions or issues with short sale or loan modification. He enjoys helping consumers arrive at the correct solution to their problem, and believes that the only way to correctly do that is by presenting them with all of their options in an un-biased manner.

If you have a mortgage, short sale, real estate, or loan modification question you’d like to ask just use the online form. I’m happy to help you totally for free.

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Broker/Owner of Northeast Properties – real estate brokerage
President/Owner of Northeast Settlement Group – performance based debt relief