Mortgage Modification – A Mini Step – Entry #2
As I indicated in Step #1, subsequent to my conversation with the modification representative from Bank of America, I consulted with my good friend Carrie Guarrero from Cornerstone Home Loans. 
She suggested I find out if Bank of America has an online option to fill out the paper work, rather than waiting 45 days or more for it to come in the mail. I was also told to ask what kind of modifications they would be willing to offer.
Turns out, Bank of America DOES have an online process to begin mortgage modification. They actually take you through the steps that I went through over the phone a few days ago. Once the online questions have been answered, a determination is made about whether a borrower is preliminarily qualified for any modification programs. But, from there, the process is the same. A borrower would STILL need to wait for the paper work to be delivered in hard copy. From what I was told, they need actual signatures and copies of things like tax returns and bank statements in order to complete the process. Once they have the signed paper work back, it will be submitted for review before a board. Once it passes the board review, they will assign a negotiator that communicates directly with the borrower.
So, while the online process does not help expedite the actual “nitty-gritty” of the process, it does help borrowers determine if they actually fit the scenario that renders them eligible to move to the next step.
Next: THE PACKAGE and submission of papers.
Susan Hofflander is a seasoned real estate professional, providing real estate consultations for home buyers and sellers in the Twin Cities since 1994. Susan specializes in homes for sale in Lake Calhoun/Lake Harriet, Minneapolis, Plymouth, MN, Minneapolis Western Suburban Cities and Downtown Minneapolis Lofts.
Your willingness to share this modification process with the public is fantastic. I am anxious to hear about the next stage. I think people need to appreciate that it is indeed, a slow process, but there are success stories out there as well. I hope yours is one of them!
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