We currently have our home loan with Bank Of america. We are drowning in making these mortgage payments and are looking into foreclosure. We dont qualify for a loan mod because we just refied in june. (we had an FHA loan with a 7% interest and they where able to take the current amount and refi to a 5.25% which lowered our payment by 180$ a month but still hasn't helped much and because we just did this we cannot qualify for a loan mod. You have to have at least a year into your current loan) We cant wait till june anyways and want to stop making payments starting the new year. How does Bank of America usually work? I live in Michigan. A friend of mine who is a real estate agent said that Bank of america and trying to short sale your house with them is a nightmare because they take too long for everything. How long could we have in our home before we'd have to leave. I've heard some people living in their home for up to 18+ months before they left.