BofA strikes again
by Tim Manni
We hear from a lot of disappointed Bank of America customers. Yet I guess when you make 15 trial modification payments on time (when technically you only have to make three) and then out of nowhere BofA tells you that you no longer qualify for a modification and your home is moving to either foreclosure or a short sale, “disappointed” doesn’t really capture the true essence of your emotions.
In the latest tales of missing paperwork, communication breakdowns and out-right oddities, we have another example of how the entire Making Home Affordable system is so totally broken.
This latest example comes from our friend Nick Timiraos at the Wall Street Journal:
Bank of America helpfully sent out a letter last week informing a Brooklyn homeowner that the bank didn’t have all the documents needed to finalize a loan modification application.
“Our records indicate that we are still missing some of the required documents, or some of the documents were sent to us with missing or incorrect information,” said the form letter dated Dec. 6.
But there was one problem: the letter was addressed to the couple that sold the Brooklyn apartment in 1998. It arrived in the mailbox of a Wall Street Journal reporter who bought that apartment and has never had a mortgage on it.
While accounts like this one are seemingly less-harmless than others (the resident didn’t have a mortgage on the property), it is quite unfortunate for those — like our reader who made 12 more trial payments than she was supposed to — who are still waiting for their banks and their government to get these programs right.
