Bank of America Loan Modification Complaints

By: Timothy McFarlin | Published: October 9th, 2010 | Category: Loan Modification

Bank of America loan modification complaints have increased substantially in recent months. In terms of helping struggling borrowers modify loans, Bank of America has quite a poor reputation.  Not only has the lender had multiple lawsuits filed against them for the lack of assistance they offer to struggling borrowers, they consistently manage to receive the same complaints over and over again. Here’s a list of the most common Bank of America loan modification complaints:

Bank of America Loan Modification Complaint: The Phone System

Bank of America employees replaced by robots:  Well, not really, but to the borrower waiting on hold for up to an hour at a time and being forced to “select from the following options” over and over again, it may seem that way.

When a borrower finally gets to talk to a human, they get hung up on!  Let’s give Bank of America the benefit of the doubt and say that a majority of dropped calls are due to employees who don’t know how to work their phone transfer system.  If this is the case then what kind of borrower wants to get foreclosure avoidance advice from a lender employee who can’t work a simple phone system (especially when a large majority of their job revolves around working in direct contact with the phone system for a majority of the day)?

Bank of America Loan Modification Complaint: The Filing System

Bank of America’s filing system simply doesn’t work:  A loss of paperwork is expected in any organization, from small town mom and pop shops to the largest business in the world, but borrowers would expect a certain level of competence and consideration from their lender when they are trying to make payments and keep their home.  The problem isn’t limited to a few borrowers, it’s commonplace for nearly every borrower submitting a loan modification package to have their documents lost at least once.  Even worse is that the documents that have vanished without a trace contained the personal financial information that could be in the hands of anybody at this point.

Bank of America Loan Modification Complaint: Inconsistent and Conflicting Information

Another common Bank of America Complaint is Bank Representatives issuing conflicting information.  It is shockingly common for a borrower to be engaged with one representative in loan modification discussions and be assured the foreclosure sale is “on hold,” while at the same time be getting calls from another representative who has no record of this information.  Or worse yet, many borrowers who have been assured their loan modification is complete and being considered, just have their house foreclosed on anyway.

Bank of America Loan Modification Complaint: Rude Representatives

Sure, dealing with angry and scared borrowers all day can be a taxing job, but there is no need to insult and degrade borrowers calling in for help.  There is no excuse for rude customer service, if a representative is not comfortable working with people all day, they should be in a different profession.  Worse yet, there doesn’t seem to be any type of institutional concern on behalf of Bank of America for how poorly borrowers are being treated.

California Loan Modification Attorneys

McFarlin LLP attorneys handle all aspects of loan modification for borrowers in San Diego, Orange County, Los Angeles, San Jose, Oakland, San Francisco, Sacramento and throughout California. Our attorneys are available to provide you with honest reliable advice at our Orange County or Los Angeles offices or over the phone. With a matter as important as loan modification and foreclosure, it is a very good idea to consider hiring a qualified California loan modification attorney to represent you and protect your interests. Call us today at (888) 728-0044.

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