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Lenders say borrowers aren’t submitting the paperwork required to complete the program, but homeowners cite companies losing paperwork or claiming they never got it.
“We’ve had to resend documents and resend them and resend them,” Tyson said.
Acker cited Wells Fargo and Bank of America as among the lenders with the most pending modifications. As of Nov. 30, the two lenders had completed only 98 modifications from 160,000 borrowers who signed up. Lenders also have been fielding claims that their mortgage servicers gain more from foreclosing mortgages than from keeping borrowers in their homes. Tom Goyda, a spokesman for Wells Fargo, said that’s not the case.
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