BOA Responds to my Blog on Supposed Modification Denials
(UPDATE: I have been contacted by numerous homeowners who describe being told the exact same thing I was about how BOA handled this.)
On May 16, 2012 I published this blog post (click title to read it): DOJ Settlement Results in BOA “Denying” Thousands of Mortgage Modifications? (huh?) The gist of the May 16 blog post is that I recently spoke with a customer service type supervisor from Bank of America’s “Office of the CEO and President” who stated that BOA is sending denial letters instead of explanation letters for borrowers who have already placed requests for mortgage loan modifications but who may now be eligible for mortgage relief pursuant to the settlement between the 5 largest mortgage loan lenders/servicers, the U.S. Department of Justice, the U.S. Department of Housing and Urban Development, and the State Attorneys General. These servicers/lenders include Bank of America, Wells Fargo, Citi, JP Morgan Chase, and Ally Financial/GMAC. My article commented that this made no sense, and surely letters of explanation should have been/be sent instead of denial letters.
One way or another, my blog post caught the attention of some higher-ups at Bank of America, and that very same day I received a phone call from Bank of America, wanting to discuss the content of the article. I ended up having a lengthy (and interesting) conversation with someone at Bank of America (California office) who is in a public relations type role. For ease of reference, I’ll refer to this person as “the BOA rep.”
I was informed, that, upon initial inquiries of others “in the know” by the BOA rep., the BOA rep. does not believe that BOA is sending denial letters instead of explanation letters for borrowers who have already placed requests for mortgage loan modifications but who may now be eligible for mortgage relief pursuant to the settlement between the 5 largest mortgage loan lenders/servicers, the U.S. Department of Justice, the U.S. Department of Housing and Urban Development, and the State Attorneys General. The BOA rep. asked me to identify the particular case at issue, so as to further investigate and to try to ensure that it is handled properly. I will discuss the same with my clients, and so identify them and their case if that is what they prefer.
The BOA rep. and I spoke for over 30 minutes, both about the case at issue and other mind-boggling experiences I have had with BOA in foreclosure, mortgage loan modification, and other mortgage relief cases. I believe that the conversation was enlightening for both parties, and I hope that it will lead to some improvements. We agreed to leave the lines of communication open for this and other matters.
While attempting to counteract bad press was clearly a motivator for Bank of America and the BOA rep., I do appreciate the follow-up from BOA and will accept that some persons at Bank of America are working hard to do the right thing. I agreed to publish this update, as I believe that it’s important to put forward objective and balanced information, and to provide proper context for important matters like this.
McGrath & Spielberger, PLLC provides assistance to borrowers in need of mortgage relief services, such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions.
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