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.)
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:
OMG! Why is Bank of America always at the head of the Shiitake storm? If this report is true and it seems to be coming from credible sources B of A was not even pretending to play the game at the start. There should be a million dollar fine for each time they lose paper work, Oh there is starting in October, so we’ll see if that actually happens. Yippie for homeowners if positive changes are on the horizon.
For the record we did here that B of A improved their mods after that report, as the post said this was according to the NATIONAL MORTAGE SETTLEMENT REPORT and that is just a snap shot. (If it is accurate.) Here at Banking Bad we know of someone who got a a B of A mod in August, so for sure they started processing mods by then and probably sooner.
Whoa. This is a great post, we have to keep calling the Big Banks out on this bad behavior, or as you ladies and gentlemen might call it Banking Bad!
I like the site, but B of A, not so much ;-(
my sister is close to losing her home. she has been working with bank of america on the “loan modification” for 3 years now. for one reason or the other, b of a can’t find the paperwork or you have been assigned a new rep (she has had 4+)or she didn’t sign a co-borrower form (there is NO co-borrower). in this instance, the b of a rep told her to sign this and have the notary “back date it”. that was several weeks ago and she has still not gotten the papers back. her husband recently lost his job. this is just not right. i sent a message to the b of a president and nothing….not a word.
This is horrible, I might want to tap into the social media site Facebook/Banking bad and write something on the wall. This kind of madness has to stop.
Thanks for taking on this topic/
for federal tax purposes, how does the BOA think it is OK to add tI am a disabled single parent, the ex is very affluent I got a lousy alimony settlement (unable to work, child has disabilities and required full-time parent), but a substantial child support settlement. The Federal government does not tax the cs because it is intended for the care and maintenance of the child. the BOA ADDED 9K a year to my reported income because they say that is my gross “income”. Child support is not even considered “income” o a single parent’s income? Because the Mod is based on 31% of gross, the monthly payment is waaay out of my league. After years of sticking to my guns, filing 7 Mod apps and all of their intricate attachments AND with the help of MA AGO, I am still up the creek. I have contacted MA’s new Senator, Mass law reform, and am trying to qualify for fuels assistance and Pro bono Legal help. Of, course there are those who hate the “entitled”, but I worked for many years, and look up the LEGAL definition of “entitled”.it is a little different from the common language use.
I am a disabled single parent, the ex is very affluent I got a lousy alimony settlement (unable to work, child has disabilities and required full-time parent), but a substantial child support settlement.
The Federal government does not tax the cs because it is intended for the care and maintenance of the child. the BOA ADDED 9K a year to my reported income because they say that is my gross “income”. Child support is intended for the care and support of the child. Because the Mod is based on 31% of gross, the monthly payment is waaay out of my league.
After years of sticking to my guns, filing 7 Mod apps and all of their intricate attachments AND with the help of MA AGO, I am still up the creek. I have contacted MA’s new Senator, Mass law reform, and am trying to qualify for Pro bono Legal help. Of, course there are those who hate the “entitled”, but I worked for many years, and look up the LEGAL definition of
“entitled”.it is a little different from the common language use.
You are the reason we made this site and video series. Please go post on our Facebook page, we will see if we can get this some attention and help you in some way.
Just ridiculous.
I certainly hope they have improved this dismal performance.
This is DEPLORABLE. It is good to know good citizens are watching and reporting!
My family of 7 lost our home because we tried to remod, we started the process Sept. 2010 by March 2011 they kept asking for the same documents we faxed several times and the only way we would know was by calling them and they would give us 48hours on a Friday at 7pm. So we would fax documents again by May of 2011 they denied us for a back of a missing bank page that we faxed 4 different times and have proof it went through. Keep in mind we made payments and had bank statements showing that we only missed a payment so we asked how much to catch up and be back on track they gave us an amount we verified that amount with another person and we paid that amount. 2 weeks later we got a foreclosure notice int he mail, when we called no one had record of us calling or 2 different people telling us the exact amount. They stated we were 1 1/2 yrs behind in payments which was false and we had bank statements proving this. We got the attorney general involved and they immediately applied all payments in one week out of a “HOLD ACCT” but keep in mind this took 3 months and for those months they refused our payments. They now wanted all 3 payments plus foreclosure cost even though they admitted it wasn’t our fault, then they had the nerve to ask if we wanted to do a remod??? WHAT?! They wanted to raise our payments up almost $2k to save our home, we were basically forced to short sale our home. Now we are renting with 5 kids,and I am sick typing it. I want to cry, we don’t have a home anymore we can’t buy and our credit ruined.. Thanks BOA!! Funny think I had verification of all fax and they didn’t want any of it.
People need to know about these real life stories. I don’t know how, but they need to know.
Just completely unacceptable.
This is just sad. B of A sucks!
I too am going through hell with B of A in California. I have been at it for almost 3 years and today, now i am in an appeal review for a 30 day time period since they denied my loan mod again; Today in checking on the progress i find out there is a cease and desist order of some kind on my account. At B o A So no one seems to know why, and my account manager wont return my phone calls…. any ideas out there???? I have been through about 6 different case managers, some lasting a few weeks….. which i am sure slowed down the mod application and paper work. Maybe a ruse of some kind. However there seems to be no one else to contact at B of A for an explanation… Any help would be appreciated
Not one person?
This is pretty disgusting! Not one modification – Bend over America is the worst, but Chase is catching up fast.
Pathetic!
I am a real estate broker with 26 years experience. i am also a 26-year,formerly loyal Bank of America customer who has made it his life’s mission to sever all ties to B of A and see that they are broken up. Inhave two mortgages with b of a, plus credit cards totaling $25,000, a total of over $900,000 worth of debt, from 2 Countrywide loans. I have purchased and financed 17 homes and one office building in my career, in the 1980′s, 1990′s, 2000′s, and then a dead stop with Bank of America. They have used every unlawful trick in the book to keep me trapped in these 6.5 per cent loans, plus their credit cards, which they allowed us to use to keep making our mortgages, but in debt for life. They have earned over $2000 for every month they have kept me trapped; where are the consequences?
B of A’s loyalty ranking does not seem to be of concern to them. Profit, profit, profit, not profit, people, profit. We keep hearing horror stories from loyal (or formally loyal ex-customers. It truly is unfortunate.
I should add that these loans are not late, are not underwater, they just don’t have the equity that a normal refi would require. I’m not for bailouts…unless they got one that was earmarked for people like me and they used that money to hire an army of disadvantaged naysayers from Houston and Ft. Worth whose job depends on lying to customers all day long.