[NE Settlement]

For many, a loan modification with BofA can feel like finding a wedding ring lost on the beach, almost impossible. Bank of America is huge and it's very easy to get lost in the mix and have a loan modification drag on for months on end.

In working with Bank of America on a daily basis I have created a few of the most important secrets and shortcuts to a successful loan modification with BofA.

Self Employment Income - With the sheer volume of loan modification requests that Bank of America receives, it's important that any documents you send to initiate the review are extremely clear and concise. You never want to leave it up to BofA to decide what your income is based on bank statements alone, they will never get it correct and you may be denied based on incorrect numbers. You will need to prepare a profit and loss statement to clearly show what the income and expenses for the business are. This ensures your financial situation is calculated correctly.

Be Careful with Foreclosure - In most states a lender can place your loan into active foreclosure when it falls three payments behind. You should always try to prevent a loan from going beyond three months back by submitting payments if you can swing it. The loan modification process with BofA can take anywhere from three weeks to six months and its never in your best interest to let the loan fall behind month after month, while you wait on them.

If the loan has already gone into active foreclosure, don't freak out. It means that you will not be able to send them any payments unless it's the full amount past due. Instead of sending the mortgage payments to BofA every month you should save them, and be sure to step up your communication throughout the loan modification review while you're in active foreclosure.

Departments and Teams - The Bank of America loan mod review process is handled by various different departments and teams. You may find yourself speaking with and being transferred to departments such as HRD, Hope Team, Home Retention Servicing, and on and on. This will be the department you will need to speak with in order to update any documents or check the status of your loan modification. Always ask for a direct phone number for the department or team currently handling your loan. This alone could save you hours of waiting on hold only to be transferred to the correct department.

Following these few tips will hopefully save you time and effort in getting the help you need from Bank of America.