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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{ 14 comments… read them below or add one }
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.
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
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…
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.
I've been working for over a year to get help and was encouraged by BofA to run up any and all debt necessary to keep making my payments. The idea was that the more current my account, the better the chance I would have to receive help. Months into the melee I was then told that I had to be officially "past due" before they could even submit my request for help. So after tapping every resource at our disposal we had to purposefully miss a payment for them to even begin the process. Painfully, we wouldn't have been able to make that payment anyway and I told them that a month prior.
…had to break this comment up.
The latest is that I was told that the loan holder wasn't participating in Help for Homeowners at all. The loan holder is Wells Fargo. Moments ago I got off the phone with WF and lo and behold, they certainly are participating. I'm sick of BofA outright lying to me. I'm just about ready to go the the news with this. I can't tell you how many hours I've spent on the phone only to receive conflicting information from one call to the next. And no one is held responsible….ever. They could tell me that a unicorn was on its way with my modification documents and I would have zero recourse to call them on that. The only thing I ever get is, "I'm sorry they told you that, but they were wrong."
i have been unemployed since 12/09,I have called Bof A 2 or 3 times a month since then with no help at all.They have promised "unemployment Programs" for months.Now they told me my investor does not participate in that program.And they won,t help you if you only make UI benefits!I have been transferred,cut off ,put on hold for 65 minutes!!!And when I do get someone, they sound like a worker on a fast food speaker!!! They are trying to make it as big a pile of frustrating BS as they can!!! Useless
We too have been trying to work wth Bank of America for a year with no results. they keep saying they haven't made the decision yet. I sent all fed exed required documentation and haven't heard anything. I would like to see real statistics on who was actually helped by Obamas Modification Plan?
We too have had our Country wide loan purchased by Bank of America. I have been trying since Jan.1,2009 to qualify for a modification. After numerous FED EX's and faxes of tax reports and finances it seems they loose the paperwork and request it three more times. It is now DEC.2010! I was told by a rep that I will be notified in 30 days of a decision. Will let you know how it panned out!
HI all, Am i crazy for thinking that the bank is actually gonna modify my loan? i started this process in October 09!!! Yes 2009! I just made my 5Th trial payment that i am sure you all have herd about. The bank is telling me i am in the " quality control" phase of the mod and should know something soon, I guess i will see…. will keep posting updates
Ok here it is mid feb 2011, my modification is complete!!! I signed the papers about 2 weeks ago and sent them back right away.. I got an amazing break longgggg story short I had a interest only loan @ 7.5% differing 5% every month, My minium payment was $2000.00 difering $1500 of interest every month, new payment is $1475.00 P&I and escrow… ther is a baloon payment at the end of my 40 year term however if I pay $85 extra a month the baloon will be paid when my loan is mature..
I called BOA in April of 2009 to see about applying for a HAMP modification. They told me I needed to be 90 days in arrears to be considered otherwise they couldn't since I was making my payment somehow. It took everything in me to miss that payment after 15 years of never being late. To make a long story short after 30 months of BOA constantly losing my documents, re-faxing and mailing over and over again–total of TWELVE times, (it actually became a full-time job and everything else in my life suffered tremendously, including my ability to earn a living), they announced that I was accepted for the HAMP modification. By this time thirty months had gone by. My underwriter called me and went over all the details such as the interest rate (was no lower than before) and the 31% of GI payment, and explained when and how to make the payment and how the program works. A week later another representative from BOA called me to again go over the details of the modification. (Interestingly, I hadI told a realtor friend of mine that my HAMP had gone through and he responded with "I don't believe it, something has got to be wrong,
I haven't met one person yet who was ever given a HAMP mod." Well I told him it was true so I must be an exception). Ironically, the following day I realized it had been over a month and I had still not received my paperwork. I then called BOA and asked them when it would be arriving. She responded with "oh, you were denied for the HAMP modification!" I told them I had already been called by two different people and had gone over all the details! She said "no, you will not be receiving a HAMP modification."
My guess is that the 31% of gross income payment was not high enough for them so they denied the modification altogether. __I had already read various blogs online and learned that many, many people had experienced exactly the same thing with Bank of America.