If you’re in trouble with your mortgage and seeking a modification from Bank of America for your mortgage, don’t count on it. As of November, only 4.3 percent of active loan modifications granted by banks under the federal Making Home Affordable Program had been made permanent ““ a total of just 31,382 loans nationwide. The program, unveiled in early 2009, aims to produce mortgage modifications for 3 million to 4 million homeowners within three years.
BofA has endured some of the toughest criticism for its performance. A U.S. Treasury Department report in November said the nation’s largest loan servicer had made only 98 permanent modifications, while presiding over 158,462 borrowers in trial modifications. More than 1 million of the bank’s home loans are in arrears ““ thousands in St. Petersburg Tampa area.
If you’ve read my blog in the past you know I’ve been very critical of Bank of America. I’ve seen first hand how much work and effort clients put forth in providing information and doing everything required of them to take advantage of federal programs that are their right (I mean they’re paying for it right?). Either Bank of America is grossly incompetent or they know exactly what they are doing and do not care to modify.