Shawn
719-264-7777
Bank of America Worst Record For Loan Modifications
No surprise here!
This chart from The Business Insider shows recent activity for the major US loan servicers for loan modifications. It just so happens that my servicer, Bank of America is failing (just my opinion) at their attempt to modify mortgages in their portfolio. According to this chart, BOA is offering loan mods to only 21% of eligible borrowers! That’s right only 21%! What happened to the Making Home Affordable program set up by our president and his genius staff???
I have a loan serviced by BOA so I gave them a call a few months ago to talk about doing a loan mod to make my loan more affordable. That was in May 2009 and this is now November. No word from them officially but I did make a few follow up calls only to be told that I did not qualify for their program. They can’t seem to tell me exactly how I can qualify for the program either. Bottom line here is that they don’t really want to modify loans. My revenge will be to just get busy and pay off my mortgage as soon as possible. I will feel vindicated knowing that I took as much interest income away from them as possible!
Scan the chart and see that the other major banks are not doing much better. Citi is modifying 50% and Wells Fargo is at 41%. Not good but better than BOA.
This data tells me that home owners who hope to modify their loan in order to avert a crisis will have to go to Plan B. If you are facing financial difficulty, please contact me now. There are other things that we can do to save your credit if a loan mod cannot be done. The best solution would be a short sale. I am experienced in short sale transactions and the odds of getting to closing are improving daily. For details on how to modify a mortgage or to list your home for sale, please contact me. I am here to help you!