Bank of America mortgage loan modification is one of the harder loan modification programs to find information on. Their requirements are tightly sealed to anyone not legitimately requesting a loan modification. But despite that, there are things you (or any homeowner under any lender) should do in order to make your loan modification application debate-proof.
Do call their loan modification or loss mitigation departments and ask what their requirements for loan modification are. There is no information on Bank of American mortgage loan modification requirements on-line, so making that phone call is a crucial step. If you're too far out of the requirements, applying would most likely end up as a bunch of wasted time and a headache.
You need to write a hardship letter to send in along with your application, but before that work out a new budget to supplement the lower payments you are requesting. Working out the new budget will give you a good perspective on things later on if your mortgage loan application is approved.
It's also good to do the budget as one of the first steps because you can use it to boost up the effectiveness of your hardship letter. The hardship letter portion of the application is your chance to explain your situation and to formally request the modification.
You need to be as clear as possible while still going details over your financial hardship and stating the rate you feel would be ideal. Also in the letter include your willingness to work with the lender and mention your plans or prospects coming in the future that will positively affect your ability to pay your mortgage.
Be sure not to lie on a single thing in either your application itself or the hardship letter. Like with any lender, Bank of America has a zero tolerance policy on false information. Be sure to double even triple check your application papers and letter to make sure there is no information that could be seen as false or misleading. You don't want to go through all that trouble only to have your mortgage loan modification application denied for an unexplained reason.
The last thing is: Try to submit all of your papers in at the same time. Giving all of your application forms and the letter to Bank of America all at once will speed up the approval process meaning you will get the modification sooner as long as you are qualified. Bank of American mortgage loan modification isn't difficult to receive, though you do need to put some real effort into it.