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We were eligible for consideration for a modification under the DoJ settlement with BoA. After going back and forth with a contractor for over 5 months attempti
by flatline 13y ago
We were eligible for consideration for a modification under the DoJ settlement with BoA. After going back and forth with a contractor for over 5 months attempting to satisfy their never ending demand for extra paperwork, we got a letter from the bank saying we were eligible, but because the contractor did not send our phone number in the package to the bank, we had been denied. After a couple more months of back and forth and escalating complaints through the bank hierarchy, we actually ended up getting a modification that, while not perfect, still reduced our interest rate dramatically. The notary from the bank said that almost nobody actually gets the modification - she said that our 9 month turn-around was the quickest she had heard of, most people just give up after the first rejection.
I am sure that a sincere investigation into BoA's practices would reveal systematic denials of some sort, so this article doesn't really surprise me at all. They have never really been held to account for their misdeeds of the past, so there is little incentive for them to reform. The bank has multiple layers of customer service reps whose sole purpose is to block you from moving forward. There is no such thing as speaking to a supervisor; they all seem trained purely in the art of stonewalling. It is truly Kafkaesque.
- tekalon 13y agoMy sister used to work for a loan modification company. The BoA horror stories were the worst.
- chii 13y agoisn't there some other mortgadge provider that people could use? competition is usually the way to stop this sort of problem.
- mh- 13y agocompetition solving these sorts of issues relies on informed, educated consumers. there is endless debate about how much the government should protect consumers 'from themselves', and I (personally) find merit in opinions from both ends of the spectrum. with that out of the way: * home loans, by far, are the most complex product that most consumers will ever evaluate and purchase. * home loans are also one of the most lucrative products for commissioned salespeople to close. issues that arise in any sort of B2C relationship are more likely to manifest here. if you agree with the (common) opinion that the industry is rife with unscrupulous business practices and persons, this just compounds things.
- jyu 13y agoThis would be shocking if you did not also read "BoA: Too Crooked to Fail" http://www.rollingstone.com/politics/news/bank-of-america-too-crooked-to-fail-20120314 http://www.rollingstone.com/politics/news/bank-of-america-to...