Bank of America Loan Modification Program Says Ineligible Borrowers Causing Low Numbers

Bank of America stated that the reason for such low numbers in the home loan mortgage modification program is due to Bank of America having such a vast number of borrowers who are ineligible for a home loan modification under the Making Home Affordable Program.

There have been number complaints in the news, in reports, and even on our site here at rwbpress.com that all stems from difficulties in dealing with Bank of America and the home loan mortgage modification program. Homeowners are mostly citing that there is a vast amount of ineptitude on Bank of America’s representative’s part and many homeowners are saying they are spending hours on the phone only to be told no one really knows anything about their particular modification or they can’t help.

Bank of America is said to have more delinquent borrowers than any competitor because, “Overall, we believe we’ve held more customers out of foreclosure,” said Jack Schakett, a Bank of America executive.

Schakett also stated that the company could have pressured borrowers more to complete the necessary paperwork needed to move to a permanent modification, saying, “We clearly didn’t create the sense of urgency.”

Bank of America does indeed have a vast amount of homeowners who potentially qualify for the home loan mortgage modification program but the statements by Mr. Schakett seem contradictory.

If Bank of America has more delinquent borrowers than any other lender, yet has helped more customers stay out of foreclosure, but should have pressed the urgency of paperwork in the modification program, it seems they have, at best, only delayed the inevitable.

Homeowners facing foreclosure who apparently aren’t getting the help they need in the home loan mortgage modification program, as suggested by Mr. Schkett in Bank of America’s lacking to stress the importance of paperwork to homeowners, don’t care about the amount of people Bank of America has helped but are focusing more on the amount of people that they could help.

Do you think Bank of America’s home loan mortgage modification numbers are a result of their massive amount of customers or are they simply trying to confuse and trip up homeowners for the benefit of their company?