BoA’s Home Loan Modification Program Continues to Struggle; Any Suggestions?
Posted on | December 15, 2009 | No Comments
Many people have been asking about the Bank of America (BoA) home loan modification issues. The guys over at Red, White and Blue Press have posed a very good question:
“So, the question remains: Is Bank of America doing enough to put more people in home loan mortgage modifications, both trial and permanent, or are they dragging their feet?
The numbers would suggest there is much more that can be done but there may be factors within Bank of America or between lender and homeowner that we don’t take into consideration. However, Bank of America has only made modifications for 15% of those who qualify and that type of percentage is well below helpful.”
After doing some research on Making Home Affordable’s website we have found that Bank of America has only pushed 98 qualfiying mortgages into permenent modifications. With over 1 million mortgages on the Bank of America books qualifying for a modification where is this program going wrong? President Obama and his staff cannot be pleased with the performance of this banking giant.
Author: Jesse Wojdylo
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