Really, BofA? You couldn’t help one person in that quarter?

September 8, 2012 in Bank of America Loan Mod, bank of america loan modification complaints, Bank of America Loan Modifications, Banking Bad News

We just got our hands on the Office of Mortgage Settlement oversight report:  At the end of the report you can see which banks did modifications and in which states the banks did them in. Guess who did Zero in the first quarter covered by the report? (This, of course  is according to the Office of the Mortgage Settlement report, during the period of March 1 to June 30, 2012.)

BANK OF AMERICA LOAN MODIFICATION FAIL

If this report is true Bank of America loan modifications are starting slow.

By their count Chase did the most loan mods, Wells, Ally, and Citi all participated, but it appears from the NATIONAL MORTGAGE SETTLEMENT REPORT that Bank of America Did ZERO MODIFICATIONS on first mortgages during that time. CAN THIS BE TRUE?  We are sure this will result in a new wave of Bank of America loan modification complaints, if it is so?  In all fairness it seems that B OF A picked up the pace later, but had an incredibly slow or no start according to the report. We’ll have to wait for the next report for the actual numbers that cover July, August and September.  We hope B of A gets it together at a faster pace for the sake of struggling homeowners, if in fact those initial numbers are accurate. The Settlement was supposed to provide Consumer Relief… Under the Settlement, the Servicers have agreed to provide specific dollar amounts of relief to distressed borrowers within a three-year period. This relief was supposed to take a variety of forms, including:

  • First and second lien modifications
  • Enhanced borrower transitional funds
  • Facilitation of short sales
  • Deficiency waivers
  • Forbearance for unemployed borrowers
  • Anti-blight activities
  • Benefits for members of the armed services
  • Refinancing programs

Well, if this report is correct Bank of America doesn’t seem to have done even One MODIFICATION on a first mortgage during the period described in the report. Of course it is not our report, but If this is true they are BANKING BAD and receive a ZERO Star of Five stars for the March through June period in the loan mod department! Download the NATIONAL MORTAGE SETTLEMENT REPORT here and let us know what you think.  PLEASE LEAVE COMMENTS AND THOUGHTS BELOW: