Calculate your financial situation
Once you reach a stage where your monthly budget is extremely tight and it is becoming increasingly difficult for you to meet your monthly expenses, you should take some time out of your busy routine and thoroughly analyse your financial situation.
If you have done your home work, chances are high that you would be able to adjust according to your income. If you are fully aware of your financial condition, it is going to help your decision making process as well.
If your budget does not allow you to make monthly payments, then assess how much you can pay each month, if BOA decides to offer you a lower rate.
Contact Bank of America
As soon as you are in financial trouble, you need to contact BOA and speak to someone in the customer service. The BOA representative would be able to assist you in this situation and will let you know about the options you have to avoid a foreclosure. Be gentle and respectful while explaining your circumstances but do not be shy to ask any questions that are in your mind.
If you are able to present your case effectively, even a customer service representative can reschedule your monthly payment according to your financial situation.
Try to convince BOA for lower payments
Having grabbed all the required information on phone, you may visit your branch and speak to the manager. If you have built a nice rapport in the bank, chances are high that you will be helped in avoiding the foreclosure. You must persuade the bank to lower your monthly payments as per your situation, even for 3 to 6 months.