So I got a letter of intent from BofA. I am really only 60 days late. The lady at BofA offered me the 3 month trial lowering my payments for 3 months and asked me to fax over my fianancial info for the possibility of a modification. I have actually scheduled the first lowered payment for next friday,the 23rd,so then I will technically only be late for the month of September. Anyway,she wants me to send a hardship letter. My question is.....what do I put on the letter? I mean the real reason for us getting a little behind is because I was laid off,was collecting unemployment,but it ran out and I don't qualify for an extension. So basically,our income was reduced. Is that what I put on the letter? She said that the letter of intent will be put on "hold" by me making these arrangements with them. I hope she's right,I DO NOT want the foreclosure to get started. She also said review of the modifiaction could take up to 90 days. Anyone gotten a good modification and how do they decide if you are getting approved? Thank you everyone.

Send them this: https://www.efanniemae.com/sf/formsdocs/forms/1021.jsp

Seriously.......I thought they wanted a "personal" type letter? Ok,this looks easy enough. So basically I just check the box that says my income has been reduced right? Just to clarify,I AM working,my wife is the one that ran out of unemployment,so we are still getting my income. What about the "other" section.....should I enter anything there.....like maybe come up with something else to help my case. Also,they want our tax return from last year. But,last year my wife was working,so it will show her income.....what is the reason they want that and why do they want 3 months of my bank statements? thank you for the response!

If/When you are offered a formal 3 month trial period, the link to the form I provided, is the form they will want you to send in.

There's a section that allows you to enter an explaination for any/all of the items you checked yes on. Be sure to fill this out.

Last year's tax return is a requirement. Here's an important tip. If you e-filed, you will need to print out a copy of your 2008 fed return with all of the schedules. Make sure that both you and your wife sign and date the tax return. This will save you a headache in the future.

They want the returns to verify that there has indeed been a reduction in income. Same thing for the bank statements. They want to make sure that the figures you are providing match what your bank statements show.

I "was" offered the 3 month trial over the phone,that's the 1st payment that i will be making on Oct. 23rd. Yes,we did efile,so that should be easy to find. So in your opinion,if we send in all of this which "clearly" shows that our income has been reduced,will we qualify for the modification,and if so,what do they modify,do they lower your interest rate or your payment or both? Thank you again for your help!

If you haven't received a packet from your servicer which includes the trial modification agreement, you likely are NOT in the HAMP program. Many servicers are telling homeowners that they're in the program when they are not.

I'd call back to find out if a package has been sent yet. They're usually sent via Fed Ex or UPS overnight.

I can't tell you if you'll qualify or not. Many people have completed their trial periods only to be told they did not qualify. Personally, I'm on my 4th trial period payment and am still awaiting an answer.

For HAMP they're supposed to do the following to reduce your payment down to the 31%:

1. Reduce the interest rate to as low as 2%.
2. Increase the loan term up to 40 years.
3. Utilize principle forbearance (I haven't heard of anyone getting this yet).

She told me that I am to make 3 payments of $1007.00 for the next 3 months. And that I have 48 hours to get the paperwork faxed to them (pay stubs,tax returns,etc.) Then they will notify me if I qualify???? I have the 1st payment of $1007.00 scheduled for Oct. 23rd......should I cancel it or just let it go thru?????

Were you late before you started the trial? If not, did they report you late during the trial?

Yes,I was late. I have missed Aug and Sept. payments. The main reason I called was because I didn't want the "letter of intent" to go any further (foreclosure). I haven't started the trial yet technically,like I said,my 1st payment is this friday. I'm a little confused now. All I know is what she told me. And that is that I am to make these payments for 3 months,and they will review my financial info to see if I qualify for it. I'm assuming they mean a loan modification. She said the letter of intent will be put on hold and that it will show that I am in a loan mod. process with them. So technically I am 2 months late,since October isn't over yet.