Bank of America Modified 600,000 Mortgages in Last 2 Years Missing Goal Significantly
Bank of America announced today they have modified more than 600,000 mortgages since January, 2008. The numbers represent $215 Billion to help refinance these mortgages. The total’s include those they purchased in the Countrywide Home Mortgage acquisition.
But they represent a failure.
These are some pretty powerful numbers but they are a bit disappointing. Why, because back in January Bank of America promised to modify 630,000 to avoid foreclosure. Reading the comments of the post I did back then shows a great deal of incompetence and neglect.
Add to that the disappointment for families that were told the company was going to rework many more mortgages than they actually did you can see the frustration emanating from their customers.
So Bank of America. Congratulations for solving 600,000 poor delivered mortgages. Now step up and fulfill your promises made to your customers.
The renegotiated loans were done through its own programs and the government’s Home Affordable Modification Program, the bank said.
Bank of America has concluded more than 450,000 loan modifications since January 2008 under its own programs. That includes about 225,000 modifications so far this year.
Through the government program and others, Bank of America said it has provided $215 billion to refinance existing mortgages. via the AJC
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Comment by Bekki on 9 December 2009:
I really hope they step-up. I just submitted my loan mod package 2 months ago. It took them a month to acknowledge receipt. I’m bracing for a long wait from what I have been reading in the posts.
I am also a Realtor. I do a lot of short sales and Bank of America takes the longest to approve a short sale- 6 months according to my negotiator. If they really want to help their borrowers, they should do what Wachovia/World is doing. They have local representatives talking to borrowers and facilitating the process. We can get short sales approved with Wachovia within 1 month and they give a 7% commission to agents. This is what we call proactive. Go out there and feel what the people are feeling so you can act accordingly. We’re not just a loan number. We are people about to lose their most precious possession and life’s dream.
Comment by Portland Real Estate on 9 December 2009:
Im surprised they got that many, so far from what I have been hearing they are moving incredibly slow with the program and denying everyone that they can.
-Tyler
Comment by bobby on 10 December 2009:
bank of america should be ashamed of themselves. i have been trying to modify my loan for 12 months. there is a foreclosure sale date scheduled and they still can’t get a “negotiator” to talk to me. i have submitted my financials 4 different times. i have filled out all of their “loan mod. paperwork” twice and have been passed around to more than a dozen people. not one of them could make a decision about anything. when i tried to get them to work with me or talk about options, they transfer me to someone else or put me on hold until i hang up!! i can’t beleive that i can’t even get a loan modification offer!! they won’t even give me an offer to make it right. they’re plans are to foreclose in a month and don’t give a s#&@!!!!
if anyone knows of any programs or attorneys that can get a “decision maker” on the phone and negotiate a modification, let me know. i’ve used two seperate attornies!! with all of the government monies they’re using, they should at least look at my file and try and modify it…
Comment by Nick Johnson on 15 December 2009:
I have a hard time believing they’ve modified any loans. They’re so bass ackwards there it’s just a shame. Those that are modified will quickly be defaulting again.