There have been quite a few instances where BOA, who was suppose to help customers modify their loans, through a government loan are NOT helping! The customers cannot get reach the caseworkers at BOA, and when they do, after submitting lengthy paperwork, they find that the person they were dealing with is either gone or can't find the paperwork. I can relate - we have that with short sales at BOA.
The government had intended for BOA and other banks, to help modify mortgages so that the customers would not lose their home. In one instance someone who had been injured on his job, had asked BOA if he could skip payments for 90 days until he had gone back to work. This individual wanted to secure a permanent modification but had a hard time finding someone to call him back. After five months and about 40 e-mails, he did get the bank to reduce his payments by approximately $126 a month. The catch - they charged him for late payments, tacking it onto the balance and he now owes $10,300 more than what he had originally borrowed. He is now paying on a house that is not even worth what the mortgage is.
The Treasury Department had implemented the Home Affordable Modification Program which was suppose to help homeowners who were at risk for foreclosure. It was to reduce their monthly payments and banks received $1000 for each modification as long as the customer was current for three years. Who are they bailing out - the customer or the bank?
BOA,one of the largest banks, has somehow been on the low end of helping customers receive loan modifications. Should the government be checking more on the banks and the mess they originally got everyone in? I think so.
We will always keep you posted.
