Bank of America issued a press release today designed to polish its tarnished image. In the December 10th, 2009 MHA report issued by Treasury, Bank of America was among the worst performing servicers in completing loan modifications. The Treasury report had left the impression that Bank of America was nothing more than a heartless corporate giant putting its profit motive and investment interest well ahead of its struggling borrowers looking for the same type of hand up the bank had received from their tax dollars.
In today's press release Bank of America proudly stated that it has become the first mortgage servicer to surpass 200,000 customers receiving HAMP trial loan modifications. In December alone the bank started more than 34,000 new trial modifications.
Jack Schakett, credit loss mitigation strategies executive for Bank of America Home Loans said, "Just as Bank of America now leads the industry in helping customers enter trial modifications, we are confident with the momentum we now have that we will become the industry leader in assisting customers with completed modifications, as well."
The bank was slow to the HAMP game compared to many other lenders. Distressed homeowners have complained about inadequate customer service; long wait times on hold, lost paperwork, and months upon months of delays in the "review" process.
This announcement also covers homeowners who had their mortgages with Countrywide. Bank of America bought struggling mortgage giant Countrywide in January of 2008 for 4.1 billion.
Borrowers who have been stalled and suffered through a seemingly impossible system of roadblocks welcome the announcement and hope that it is not just more of the same old PR puffery designed to appease the public and politicians.
As they say in Missouri, The Proof Is In The Pudding or... Show Me!
Comments
BOA is the now the biggest Mortgage Holder after getting , they should step up to the plate or will have the highest number of foreclosures to cough up
I have tried for almost a year to get help from Bank of America. They LIE... They STALL...
Sorry but Bank of America does NOT help those who need it.
WHERE IS MY LOAN MODIFICATION BANK OF AMERICA?
If it walks like a piggy, talks like a piggy, by golly it’s a PIGGY!
BofA and it’s CEO Brian Moynihan reminds me of that song by John Lennon and George Harrison titled "Piggies" I invite you to listen to this song on youtube and see if it appropriately fits.
Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.
Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.
In their ties with all their backing
They don't care what goes on around
In their eyes there's something lacking
What they need's a damn good whacking.
Everywhere there's lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives
John Wright vs. Bank of America Lawsuit at: www.unitedla
I work in mortgage modifications and, by far, BankofA is the worst. They may have reached 200,000 mods, but they CONSTANTLY lose paperwork, never received it, "that person doesn't work here anymore," "that extension doesn't exist anymore," or some other deviation from genuine concern for its customers.
The only luck I've truly had was using a company called www.freeHAMPreport.com . Our office uses their web-based program to expedite our modification claims. In the 12 years I've been in this business, I've been blown away by the speed and accuracy that this site delivers. For anyone (professoinal or home user) looking for modification help, freeHAMPreport.com is a god send! and their blog - blog.freehampreport.com is a wealth of HAMP information!
BANK OF AMERICA IS THE WORSE BY FAR....3YRS LATER THEY ARE STILL GIVING ME THE RUNAROUND.
Got something to say?
Examiner.com is looking for writers, photographers, and videographers to join the fastest growing group of local insiders. If you are interested in growing your online rep apply to be an Examiner today!