Comments on: CitiGroup Mortgage Modification Program Soars; Bank of America Lags http://www.subprimeblogger.com/2009/11/10/citigroup-mortgage-modification-program-soars-bank-of-america-lags/ Your Mortgage News Source Mon, 15 Mar 2010 19:44:33 -0700 http://wordpress.org/?v=2.8.5 hourly 1 By: Ruth http://www.subprimeblogger.com/2009/11/10/citigroup-mortgage-modification-program-soars-bank-of-america-lags/comment-page-1/#comment-16665 Ruth Fri, 04 Dec 2009 10:53:08 +0000 http://www.subprimeblogger.com/?p=5763#comment-16665 As a mortgage processor, I received a file from a client who had made an offer to purchase a Bank of America foreclosure. BOA would not ratify the contract unless the borrower provided complete financial disclosure, i.e.: agreement to pull credit, provide bank statements, pay stubs and tax returns. They would not accept our company loan approval letter as is typical in a normal transaction. Through all of this, I assured my clients that this was probably to ensure that the property would not go into foreclosure again. Once BOA completed their review and agreed to the contract terms, Bank of America made a formal offer to do my clients to do their loan at a reduce rate and close in 2 weeks. Proactive tricky lending business is an understatement. As a mortgage processor, I received a file from a client who had made an offer to purchase a Bank of America foreclosure. BOA would not ratify the contract unless the borrower provided complete financial disclosure, i.e.: agreement to pull credit, provide bank statements, pay stubs and tax returns. They would not accept our company loan approval letter as is typical in a normal transaction. Through all of this, I assured my clients that this was probably to ensure that the property would not go into foreclosure again. Once BOA completed their review and agreed to the contract terms, Bank of America made a formal offer to do my clients to do their loan at a reduce rate and close in 2 weeks. Proactive tricky lending business is an understatement.

]]> By: Frank http://www.subprimeblogger.com/2009/11/10/citigroup-mortgage-modification-program-soars-bank-of-america-lags/comment-page-1/#comment-16571 Frank Mon, 30 Nov 2009 04:18:48 +0000 http://www.subprimeblogger.com/?p=5763#comment-16571 Bank of America stated that I qualify for a program that require me to make 3 on time monthly payments while they consider the mortgage modification. I'm making $500 less a month, but they want me to make the same $1400 payment for the 3 months. I don't get it. Can someone tell me what they have experienced? Bank of America stated that I qualify for a program that require me to make 3 on time monthly payments while they consider the mortgage modification. I’m making $500 less a month, but they want me to make the same $1400 payment for the 3 months.

I don’t get it. Can someone tell me what they have experienced?

]]> By: Angela http://www.subprimeblogger.com/2009/11/10/citigroup-mortgage-modification-program-soars-bank-of-america-lags/comment-page-1/#comment-16290 Angela Thu, 12 Nov 2009 22:14:12 +0000 http://www.subprimeblogger.com/?p=5763#comment-16290 As a Broker of a real estate office, I could not agree with you more. whether its a short sale, modification Bank of America has become the armpit of banks. Whats really crazy that is never discussed is the banks strategic delay tactics with foreclosures, on vacant homes they are pulling down prices everyday on condo communities the pressure falls on the remaining owners in the community. Sooo many of these could be corrected with 40 year mortgages and principal reductions on primary residences. The bank cancelled a foreclosure sale because an offer came in at 75K the owner wanted to mediate and modifiy the 140,000 mortgage, they are accepting 75K and trashing the prices of the other remaining homes in the area apalling. What rational business man would do this!! Insane. Not to mention the strategic releases so we think the banks are becoming profitable again! Give me a break BOA are liars and should have been let go when they got in trouble. Tax payers will pay for this when common sense solutions are there.... As a Broker of a real estate office, I could not agree with you more. whether its a short sale, modification Bank of America has become the armpit of banks. Whats really crazy that is never discussed is the banks strategic delay tactics with foreclosures, on vacant homes they are pulling down prices everyday on condo communities the pressure falls on the remaining owners in the community. Sooo many of these could be corrected with 40 year mortgages and principal reductions on primary residences.
The bank cancelled a foreclosure sale because an offer came in at 75K the owner wanted to mediate and modifiy the 140,000 mortgage, they are accepting 75K and trashing the prices of the other remaining homes in the area apalling. What rational business man would do this!! Insane. Not to mention the strategic releases so we think the banks are becoming profitable again! Give me a break BOA are liars and should have been let go when they got in trouble. Tax payers will pay for this when common sense solutions are there….

]]> By: Monzur http://www.subprimeblogger.com/2009/11/10/citigroup-mortgage-modification-program-soars-bank-of-america-lags/comment-page-1/#comment-16231 Monzur Tue, 10 Nov 2009 19:40:00 +0000 http://www.subprimeblogger.com/?p=5763#comment-16231 Bank of America is causing suffering its client badly. They are intentionally making delay in this modifications. Some actions should be taken against bank of america. On the other hand both Bank of America and Citigroup are still practicing provocative and tricky risky lending practice. Bank of America is causing suffering its client badly. They are intentionally making delay in this modifications. Some actions should be taken against bank of america. On the other hand both Bank of America and Citigroup are still practicing provocative and tricky risky lending practice.

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