Tuesday, December 25, 2012

Modification Maze

You may have heard Bank of America crowing about its efforts to help struggling homeowners.  "Oh my goodness we have all of these wonderful ways to help you."  Usually they are referring to a modification process wherein the bank modifies your loan to make it more affordable.

I'm struggling and your asking if I would like to modify my mortgage? Of course I want to do that, tell me where to sign!  If only it were that easy.  While alleged modifications may work for some struggling homeowners, I can't imagine that it is a very big percentage of them.  In my experience so far, it seems that Bank of America has made this process into a nearly impossible maze.

Here is how the willfully dysfunctional process has worked for me so far:

  1. I got a packet suggesting that I apply for a modification.
  2. I called the listed phone number repeatedly to make 100% sure that I gave them everything that they wanted just exactly how they wanted it. 
  3. I spent hours and hours tracking down the info and docs that they requested (damn near 100 pages worth).
  4. I received a reply that basically told me to do it all over again without any real explanation.
  5. I again called that super duper "we are here to help" phone number and they were unable to tell me what was wrong with the massive package that I sent the previously.  So how the hell do I know how to fix whatever the alleged problem was in the first place?
  6. They tell me to call a national non-profit that will help me go through the process line by line. But sadly a rep from that org told me that they do NOT help in that exact way. 
  7. If I don't meet Bank of America's tight timeline on successfully submitting whatever it is that they want, I will not even be considered for a possible modification.  

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