Bank of America to Answer Mortgage Inquirees Within 3 Days

April 6 (Bloomberg) — Bank of America Corp., the largest U.S. bank, is vowing to answer queries about mortgages within three days to help borrowers keep their homes, an executive said today.

The pledge is a response to concerns by borrowers and housing-industry activists that lenders take too long to modify loans and prevent foreclosures, Rebecca Marione, national default servicing executive, said at a housing conference in Charlotte, North Carolina, where Bank of America is based.

Some borrowers wait months for responses because home-loan servicers are overwhelmed by demands for assistance, said Stella Adams, executive director of the North Carolina Fair Housing Center, a Durham-based non-profit group. Bank of America, the biggest U.S. mortgage servicer, is adding 1,000 people this year and investing millions of dollars to improve systems, Marione said.

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Posted in Bank News, Banking | 2 Comments

2 Responses to “Bank of America to Answer Mortgage Inquirees Within 3 Days”

  1. kimmeegee says:

    I have asked the Idaho Attorney Generals Office to find out why I don’t qualify for a loan modification and BOA has not answered them and its been a month. Why would we expect them to answer “anyone” within 3 days?

  2. Keta says:

    We have been trying to get a loan mod. For momths now. I went through all of the paper work payed our 3 months trial period and then they raised out payment back up to almost what they were to begin with, so now we can not make our payments again. We are getting behind again. My question is will they forclose now or what should we do? We are trying to sell our place and I think we will be able to soon, but we don’t want to lose it first. Now what should we do? When I call bank of america they just tell me that it is still in a loan mod process.