Problems with the Bank of America Loan Modification Department

By: Timothy McFarlin | Published: June 29th, 2010 | Category: Loan Modification

The Bank of America loan modification department has managed to become the armpit of the mega lender since the fall of the mortgage industry in 2007.  With more and more borrowers seeking assistance in the form of loan modifications from their lender, the Bank of America loan modification department has managed to stall the process, disappoint borrowers, lie to their borrowers, and effectively force many individuals deserving of loan modification into foreclosure.

Complaints against Bank of America have become so bad and so constant that several consumer protection agencies are attempting to sue the lender for various alleged acts of predatory lending.

Individual borrowers have been personally affected by the lack of assistance offered by Bank of America on a fairly constant basis.  Complaints have circulated about the lender losing important financial documents, telling borrowers the wrong information, and generally being rude to borrowers seeking assistance.  Granted, these customer service representatives might have a pretty stressful job, but most people don’t appreciate being talked to in a certain tone when it’s their money that has pumped through the organization for years, if not decades.

Borrowers who have been wronged, in any way, by the Bank of America loan modification department who have yet to secure legal counsel should seriously consider doing so.  Even the most unhelpful lenders change their tune when an attorney applies legal pressure to the organization.  Many borrowers who have successfully been granted a loan modification admit that they may not have been so lucky without the help of an experienced foreclosure attorney.  Most of the reason for an attorney’s success in winning loan modifications for their clients lies in the fact that attorneys understand enough about foreclosure and real estate law that they can challenge claims made by lenders.  This type of knowledge is not common to most average borrowers, which causes many borrowers to agree to terms that are not as good as they could be.

Many people might argue that the Bank of America loan modification department is unable to offer the assistance that they should, but in reality, the lender is just unwilling.  For some reason, the representatives who work with borrowers are not as knowledgeable as they should be and they lack the ability to share information amongst the various departments of the lender.  It is unfortunate to say an attorney is necessary just to effectively get the assistance one needs to make their monthly mortgage payments, but now is not the time to comment on the ethics of the business world.  Borrowers facing foreclosure don’t have time for explanations or excuses, they need solutions and assistance.  An attorney is the best guarantee a borrower can get that somebody will fight on their behalf.

Borrowers shouldn’t take it too personally when their lender refuses or fails to perform.  Borrowers all around the country are slowly discovering that their lenders are not the “friendly neighborhood banks” they once tried so hard to make themselves appear to be.  Once the economy hit the fan the lenders began to show their true colors.  Lenders are nothing more than business entities trying to make a dollar, and it often doesn’t matter whose home has to be foreclosed on in order to make that dollar.  Borrowers need to realize that they are going up against corporate giants, and that is not a battle any borrower should fight without an attorney by their side.

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