Profile picture for bonzo01

How long is the average wait for approval of a loan modification through Bank of America?

Sent in original forms on May 1, 2010, still waiting. Resent all forms twice and have a list of about 50 calls made.
  • November 30 2010 - Wanaque
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Answers (12)

Profile picture for monicnic
I started my modification with bank of america (was with countrywide) in NOV 2009.  it is now JUNE 2011 and I am STILL waiting for a an answer.

  • June 07 2011
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Profile picture for jerseygrl
I have been waiting since July of 2010. Just last week an underwriter finally called me for more paperwork. I had to elevate my application to the underwriters manager, to get answers.
Muthernature, I am eager to know more about this lawsuit. I was a young 25yr first time homebuyer taken advantage of by the greedy lenders of Countrywide, I would like to join in the suit!!
  • January 30 2011
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Profile picture for muthernature
I have sent in the requested paperwork for a modification from B of A for our original Countrywide loan.  I have sent it in over and over and they keep saying that it's not up to date paperwork.  They have done this to us for over TWO YEARS.  TERRIBLE!  Our debt. to income ratio is so upside down and they won't help.  I keep getting messages from them on our v/m at home saying they are still reviewing our paperwork for the modication and the decision is still pending.  After speaking with some higher ups in the banks, I have found they have a call center that keeps putting people off until there are no more modifications left.  We are going to join a mass joinder litigation lawsuit against Countrywide Bank fsb for settlement aimed at fraudlent lender actions.
  • January 26 2011
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During March, 2011 we will be releasing a free NPV Calculator for use by the American Public.  The Dodd / Fank Act mandated the Treasury provide this tool so homeowners could establish if they had been accurately reviewed for the HAMP. 

HOMEOWNERS should beware of ANY banks and housing counselors that offer modification services for free but do not produce the NPV results if they tell you that you failed.  The loan servicing company is being paid handsomely to process these applications over and again.  Many of these "not for profit" counselors are not adequately trained and many more are funded by the banks themselves.  HAMP is not failing because it is a bad program - it is failing because it works and just like cancer, there is no money in fixing the problem.  To get a true solid opinion you should request your NPV input data as required by law.  If they fail to give you this data you can have an independant review performed and seek an attorney to provide you sound advice.  in any event, even if the bank is giving you a hard time and you can establish to a state judge that a benefit exists to modify the terms of your loan, you will receive fairness.

  • January 26 2011
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The time frame of approval on any loan modification depends on the expertise of those doing the loan mod. I have gotten approvals on the first call with trial mod agreement done and started .
remeber that a modification by itself does nothing to lower your principal and is only a band-aid. This is why the lenders have found that it is a waste of time unless principal is reduced and the borrower can afford the new payment.
  • December 13 2010
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2 months to 1 year depending on the loan investor
  • December 10 2010
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Profile picture for JDERP
I've done four of them in the last 5 months and the average time I've found is appx. 3-4 months with Bank of America.
  • December 01 2010
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I 'd like to interject, I am a Loss Mitigation Advisor at  NID Housing Counseling Agency in Chicago, IL, (HUD certified agent).  The process to get a loan modification is lengthy.  You can expect 3-6 months to get a temporary 3-month trial modification with timely followup. After fulfilling the trial, it will take another 2-3 months to  obtain a permanent modification. This is a win, win situation pending everything is communicated and documentation has been received within a timely fashion.  Each case is different and many factors has to be identified per criteria of lender, investor, loan product, affordability, and the establishment of being an at risk of foreclosure for failing to pay the mortgage due to loss of income, illness, job lost, ARM product, just to name a few.  Throughout all this, you will need to persevere, be patient, have tenacity because the lender will have you to do repetitive work like submitting updated financial docs.  It is highly recommend to have a partner like myself to work with during the process.  It makes the process less stressful when you have an expert on board to help get you through the perplexities. And, there is no cost to you for our services.
  • December 01 2010
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Tangale, are you working with a REALTOR? Regards,
  • December 01 2010
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Profile picture for tangale
A few weeks? Is that what the bank is telling you? It took BoA more than a year to finally denied modification and offer making home afforable at the same amount I could not afford in the first place. It is obvious that they want you to fail. I am cutting my loses and move on. banks are not in the business to help people. Lesson learned.
  • November 30 2010
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3 weeks to 3 months, it usually depends on your DTI ratio, there is a small margin for what they will accept.
  • November 30 2010
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Bonzo01, it could take weeks. Is all your other paperwork in order? Regards,
  • November 30 2010
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