According to the latest "rejection of loan modification application" received from the BofA modification department, we didn't meet the federal guidelines they state they are obligated to use to determine if one qualifies for a modification. One of the areas cited as a reason for rejection is the balance owed on the current loan vs. what the local market rate is currently. From what I've read about those guidelines, an applicant cannot be turned down based upon the total loan amount (as long as it is under the jumbo loan... read full review »