Bank of America is reacting to a Treasury Department report that found it to be among the worst performers among the biggest U.S. banks in modifying loans for struggling homeowners.
Bank of America began 27,985 trial loan modifications, or 4 percent of its eligible loans, under the government’s Making Home Affordable Program started this year, the report shows. Wells Fargo had a 6 percent rate, trailing JPMorgan Chase & Co.’s 20 percent and Citigroup Inc.’s 15 percent. Wachovia Corp., which Wells Fargo acquired, had a rate of 2 percent.
Bank Of America released this statement about the report and its loan modification efforts
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Our mortgages are in my deceased mother in law’s name. We would like to keep the house, but more is owed than is worth in today’s market. Is it possible for the bank to modify the mortgages to current market value with a downpayment?
Kathi- You would have to make an offer just like anyone else. You may get preferential treatment since you occupy the property. FYI “Living Trust”?!?
What can I do? Forclosure proceedings have not yet started, yet, while out of town for the week, the mortgage company broke into my house, changed the locks, and they turned off my utilities. I still live there and utilities are all paid. Who do I turn to?
Anita, Most likely it is not the bank that broke into your house. Probably a “preservation company” they hired to see if the house was occupied and secure if it was empty. They probably watched a couple of days, saw no activity and assumed it was abandoned. I would find out what company it is and file a police complaint against the over aggressive preservation company for breaking and entering.
Bank Of America Approved me for a loan modification in August, i began paying on it in good faith immediately. They’ve accepted every payment since, a total of 8. Now they are saying that i’m not approved and they are going to foreclose.
This is just not right, i’m going to have to file some legal remedy to resolve this.
I can actually pay what they offered, no wonder we have so many foreclosures with this kind of unethical behavior.
-Me