If you are a Bank of America, or a former Countrywide, mortgage holder and have been trying to get someone on the phone, things may be getting better. The company has recently hired 2,000 more employees for the default management department.
What is truly amazing to me is how many calls they get a day. The reported number of calls the Bank of America mortgage department takes is 100,000 every single day. That is indicative of either a real mess or incompetence. My guess is both.
And with 60 percent of the people answering calls in the default management department being new hires in the last 18 months, odds are it is not the most competent group. There is lots of learning happening on the other side of the phone right now.
But it sounds like they are addressing the problem. Next one to tackle for Bank of America is their short sale department.
The lender now has more than 18,000 workers in “default management,” a 60 percent increase since January 2009, Barbara Desoer, president of Bank of America’s home-loan and insurance unit, said in testimony prepared for a congressional hearing on U.S. housing policy tomorrow. Those workers handle 100,000 calls a day, she said. Wells Fargo & Co., the largest U.S. home lender, Bank of America and other companies have hired thousands of employees or shifted staff from other departments to work with borrowers who have lost jobs or experienced declining incomes. Banks repossessed a record 257,944 homes in the first quarter, 35 percent more than a year earlier, according to Irvine, California-based RealtyTrac Inc. More than a fifth of U.S. mortgage holders owed more than their homes were worth, Seattle- based real estate data provider Zillow.com reported last month.
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That is bull.. I have been trying to call them for a week now because they sent me out three diff packets for modification after they had me make my first payment! I need the interest paid for 2009 and all you get is diconnected. This is the worst company to deal with. They dont know what they are doing and I for one am seeking legal counsel as well as I turned them into the Attorney Generals Office yesterday for breaking fed laws….on my modification. They were telling me to send in another cashiers check or they would continue collections. If anyone knows of anyone I can call and talk to there please feel free to email me. what a joke
We are going through the exact same thing! They modified our loan last year, we have the paper work to prove it! But, they will not admit they remodified. We sent them copies of the notarized documents – and sent them the tracking #'s that say they received the re-mod paperwork! Dum-arses! Even though we sent them copies of everything that was I think they want to foreclose on us instead! I wish I could get the Bank Presidents cell #!!!!!
I have been trying to reach the Modifications Department since Saturday with no less than 30 telephone calls and continue to get the prompts and NO HELP!
This is a complete disaster!
I had submitted my packet in back in August of 2011 and I am still waiting for them to get back with me, however, for some reason they keep calling my mother's in North Carolina and I never gave them my mother's phone as a point of contact. However, I've been call them for two weeks and I keep getting the run around!!! The need to get rid of this financial institution…
How long does it take process a modification packet, I submitted my in August and I still have not heard from them
I had a countrywide loan taken over by BofA,they said they modified it we started paying it then they refused to accept them, we filed a law suit our attorney was shut down by the state for the suits he filed,they forclosed and took the house, we hired another att, they also looking into modifing it as they said it was never done, we have had a UD on the house and now they want to see more paperwork from us, we made 715,000.00 last yr and they said not enough income????we operate our business's (2) from home and have no place to go we need to find an attorney that will file a suit and block the UD. Someone Help us, Please Today the guy asked me to make an offer and refiance.????? they ruined our credit how can we,
Mrs. Sanford Sanfordhvac@aol.com