This is short and sweet. For unknown reasons, Bank of America doesn’t want to modify loans or accept short sales. An article in today’s St.Pete times provides details on the abysmal failure of Bank of America to work with borrowers. The full text of the article can be found here some facts to consider:
- Bank of America had a $6.3 billion profit last year;
- From 2005 to 2008, BofA issued 62,000 mortgage loans in Pinellas and Hillsborough counties;
- Last year, though, the bank recorded modifications on only about 50 home mortgages in the two counties;
- Since then, it has started foreclosing on more than 4,000 loans.
I cannot wait to find out the backroom deals, tax incentives and federal money that have been at play that keep BofA fat and happy and not working with consumers….it will come to light one day!