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Bank of America is one of the biggest lending institutions in North America. With the economic meltdown making it tough for several home loan borrowers to pay off the home loan, the bank has launched a loan modification program with effect from Dec 1'2008. Bank of America loan modification is also affiliated with the Federal loan modification program. If you are a home loan borrower from bank of America, and having trouble paying back the loan because of a frail financial condition, check with the bank personnel to see if you qualify. Before you go for refinancing or foreclosure check out the option of Loan modification. It may be a better and cost effective option for you.

The eligibility conditions for bank of America modifications are:

To qualify for bank of America modification program, the date of receipt of sub prime mortgage or adjustable rate mortgage should be prior to Dec 31st 2007.

The borrower should be delinquent for more than 60 days, prior to being considered for loan modification program of Bank of America. A borrower who is current now but becomes delinquent for 60 days or more at any time prior to June 30, 2012 is also eligible for Bank of America loan modification program.

A borrower who has sub prime mortgage at adjustable rate mortgage (ARM) and can become delinquent at any time prior to 30th Dec 2012 because of the rate resetting which shooting the mortgage installments beyond the affordability of the borrower.

The loan to value of the property ratio should be greater than or equal to 75% before the borrower can be considered for the loan modification program.

The debt to income ratio (DTI) of the borrower should at least 34% to be able to be approved for loan modification to be able to spare for the mortgage payments after taking care of routine monthly expenses.

The property on which the mortgage is sought should be the primary residence of the borrower.

If you qualify for the Bank of America modification as per above guidelines, following is the approval procedure:

Make an income and expense statement. The income statement is made up of pay stubs and tax returns. For the expense statements collect all the bills paid or unpaid, credit card statements, insurance payments, student loans, medical bills and your utilities bill and all other expenses that you are currently or likely to incur in a month.

Contact the Bank of America loss mitigation department to inquire about the document requirements. Ensure sending the entire set of required document in the first chance itself to avoid any risk of delay or denial of your application. Everything that you state in the application has to be verifiable. An iota of dishonesty can kill all your chances of securing the modification

The application form has to be accompanied with a hardship letter. Draft your hardship letter with utmost diligence. A well drafted compelling hardship letter can turn the tables in your favor.

The whole modification procedure takes eight to ten weeks before you receive approval. Be patient but constantly keep following up about the status check of your application with the concerned department.

For more information and complete facts on the loan Modification program - visit my really simple, no nonsense loan modification site and resource: http://Home-Loan-Modifications.info