Two years after swallowing the troubled mortgage giant Countrywide Financial, Bank of America trails other major U.S. lenders in resolving troubled home loans through short sales or modified loan terms.
The lender, one of the nation’s biggest banks, holds more than a million mortgages that are months behind on their payments — twice as many defaulting home loans as any other lender in the country. But it has given permanent mortgage modifications to only about 1 percent of those borrowers — one of the lowest rates among lenders nationally, according to a report released last month on the federal government’s Home Affordable Modification Program.
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I entered the loan modification program during May of last year. From that point on, Your system would not accept payments. I was even told that this was part of the process. I am now in foreclosure. There is a court date set for 6/14/10. That is MONDAY!!!! You are now asking for more than the intial loan. My loan is under Veterans Administration. I have been in this house nearly seven years. You have restarted this loan modification process and it has been a total nightmare. I am asking that you reinstate my loan and keep your promise to the govt., me and the other millions of Americans that you have stolen the “Great American Dream”, from. Please make this right.
I am in the exact same situation as you James!!! I may be losing my house because BANK OF AMERICA is so screwed up and has my account a mess and quit accepting payments after my modification was completed!!! (the modification took a year to do) I have been locked out of my acct, and have had to call in my payements each month and be charged a 20 fee each time i made i payment. NOW 1 1/2 years later they say Im in foreclosure!!! When I call to make a payment they wont xcept it!!!