WASHINGTON -(Dow Jones)- Bank of America Corp. (BAC) is seeking to put its performance in the Obama administration’s loan-modification program in context, saying that it is grappling with a much larger pool of ineligible borrowers than its rivals.
While the bank leads all participating mortgage servicers in the number of loan modifications offered to borrowers under the program, it trails other major mortgage servicers in the share of eligible borrowers that has received a trial modification.
The bank had started modifications on just 15% of eligible borrowers at the end of November, compared with 43% for Citigroup Inc.’s (C) mortgage unit, CitiMortgage, 31% for J.P. Morgan Chase & Co. (JPM) and 30% for Wells Fargo & Co. (WFC).
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The pitch from brokers and banks was that the homeowner could always re-finance out of the loan into a traditional fixed rate 30 year mortgage well in advance of the rate adjustment.
I will show you with one days worth of dealing with Bank of America, how hard they are working to help Americans. These are notes from today’s runaround. We have been dealing with this since November 16th.
I’d rather give back the &*$%*$ house and file bankruptcy than have to talk to Bank of America again.
I know that’s extreme, But I’m so upset with them right now. Apparently customer care is not in their vocabulary.
Received a call from Collections at 12:45 pm Marquis (who refused to give his employee number) states he is calling per your request on an update to our application for the Make Homes Affordable Program. Per Marquis we do not qualify because there is a late payment showing on our account in the last 12 months and our Lender has paid mortgage insurance.
He then checked to see if we qualify for a modification – said we did and transferred me (could hear him laughing on the phone)
1:01 Connected with Mona #8545 in Tempe.
She see no paperwork on file regarding a request for modification. She took what information I had available and started the application process. A hardship form will be mailed to us to complete and mail back. She said we should receive paperwork for a trial payment period in 45 days, while our request for modification is being processed. We will receive a packet in the mail that must be completed and returned with requested documents.
I asked for a call back number and the only number she would give was 1-800-669-0102.
She said she would transfer me to “home retention dept” about assistance with our late payments.
1:24 phone hung up during transfer.
I called 1-800-669-0102 (recorded run around) and 1-800-262-4218 (recorded run around and then hung up on me) and 1-800-669-6650 (recorded run around, but found a button to reach a human).
1:44 Human stated he was in the Home retention dept but that I needed the Default dept and transferred me.
1:54 Debbie in Imminent Dept stated I needed Home Retention Dept and transferred me.
2:03 Hung up on again.
2:17 – Debra ext 9463 in Fort Worth Texas – VERY RUDE. I tried to explain the problem. She asked if the information collected in November was correct. I stated I believe so. She stated that because we had a cash reserve of $2200 we did not qualify for assistance. I said we do not have any reserve. She said ‘well you said the information from November was correct”. She then said “don’t you have a 401K or family or friends who can give you the money”. I stated NO.
She needed your gross income, which I did not have. She said I would have to call back. When I asked for the phone number she gave me 800-669-0102. When I asked how to reach a person, she stated she had no idea and started in again about something – at which point I requested a supervisor.
2:25 Doris – Home Retention Center – no phone number. It’s a call center so you have to talk to who you get. There is no special assistance available, no one on one care. Your information is in the computer and any one of the call takers can help you.
I asked, then why haven’t we been able to get through to anyone since NOVEMBER. She stated she did not know. They are available until 9pm California time, available Saturdays and Sundays.
I have to call back with our financial information (gross, net, bills, living expenses) to have the information updated and reviewed.
The information has been sent in multiple times. Their phone system will put you on hold for hours then hang up. Employees refuse to give employee # and won’t tell you even what call center you are dealing with. This way corporate can tell lies like are stated in your article.
The previous post is so telling. It reads just like my experiences with BOA. Everytime you call they ask “why you haven’t faxed in the information that they requested?”. That’s the frustrating part because I’ve faxed it in half a dozen times. In addition, their left hand doesn’t appear to know what the right hand is doing. Meanwhile, my credit score continues to slide.
Wow! Yes, same here. It seems like they don’t really want there money or they would take steps to help me pay them back. If I can’t give the full payment doesn’t it make sense that they would want half? At this point it makes more sense for me to just walk away and then they don’t get any money but it serves them right for their lack of knowing what the hell they are doing! This is the worst experience I have ever had and after this mortgage I will never use BOA again, EVER.
JESSICA; why don’t you stop wasting time here and give me your NACA ID so we can work with you. Last week I give you me email address wcleves@naca.com if you still interested on saving your home