- 1). Call Bank of America as soon as you begin having difficulties making your monthly payments. Waiting until you fall behind in your payments will make a modification more difficult. You can find the number to call on your monthly loan statement.
- 2). Compile the information you'll need to make your modification request move at a faster pace. On its website, Bank of America says you'll need to have your loan number and property address, bank statements for the past two months, your most recent tax returns, recent pay stubs, a list of current expenses and a brief explanation of your financial situation.
- 3). Write a financial hardship letter. This letter should explain why you can no longer afford to make your monthly mortgage payment. Maybe your employer severely reduced your working hours. Maybe you've had a serious illness that has kept you from working. Whatever the reason, describe it in your letter. Also include your request for a loan modification that will result in a lower monthly payment.
- 4). Send your hardship letter and copies of your financial papers to your Bank of America lender. Your lender will use this information to determine whether your financial situation is severe enough to warrant a loan modification.
- 5). Sign any paperwork that Bank of America sends you to make your loan modification official.
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