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Bank of America loan modification program blames borrowers for low approval rate

Bank of America loan modification program blames borrowers for low approval rate – many frustrated homeowners feel the shoe is on the wrong foot.

Bank of America stated that the reason for such low numbers in the home loan mortgage modification program is due to Bank of America having such a vast number of borrowers who are ineligible for a home loan modification under the Making Home Affordable Program.

There have been a number complaints in the news, in reports, on forums and other outlets that all stems from difficulties in dealing with Bank of America and the home loan mortgage modification program.

Homeowners are mostly citing that there is a vast amount of ineptitude on Bank of America’s representative’s part and many homeowners are saying they are spending hours on the phone only to be told no one really knows anything about their particular modification or they can’t help.

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Bank of America is said to have more delinquent borrowers than any competitor because, “Overall, we believe we’ve held more customers out of foreclosure,” said Jack Schakett, a Bank of America executive.

Schakett also stated that the company could have pressured borrowers more to complete the necessary paperwork needed to move to a permanent modification, saying, “We clearly didn’t create the sense of urgency.”

Bank of America does indeed have a vast amount of homeowners who potentially qualify for the home loan mortgage modification program but the statements by Mr. Schakett seem contradictory.

If Bank of America has more delinquent borrowers than any other lender, yet has helped more customers stay out of foreclosure, but should have pressed the urgency of paperwork in the modification program, it seems they have, at best, only delayed the inevitable.

Homeowners facing foreclosure who apparently aren’t getting the help they need in the home loan mortgage modification program, as suggested by Mr. Schkett in Bank of America’s lacking to stress the importance of paperwork to homeowners, don’t care about the amount of people Bank of America has helped but are focusing more on the amount of people that they could help.

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3 Responses to Bank of America loan modification program blames borrowers for low approval rate

  1. John Wright on 10/05/2010 at 15:48


    John Wright Vs. Bank of America

    Please join my fight or show your support through your comments at

    Divided we might have fell America. UNITED WE MUST STAND!

    [email protected]

  2. Kim on 15/09/2010 at 19:56

    I have been working with B of A since Oct. 2009 on a modification. I have been told a different story by a different rep every time I have called. I received a letter from their lawyer on Aug. 17 stating my property was to be auctioned on Aug 30 @3:30 pm. I immediately called B.of A. and was told there was no sale date on my property and that this was a notice of intent to foreclose. I was on the phone with them and reps from the Hope line EVERY day up to Aug. 30 at 12p.m. No one would call the lawyer to postpone the sale even though I am still under review for modification. On the 30th I called B of A and spoke with a rep who got a Supervisor on the phone who called the lawyer and found out there was a sale date and had it postponed. I honestly feel like the bank was jerking me around up to the last minute before doing anything. This is so frustrating !!!!!

  3. Gail Simmons on 18/09/2010 at 15:12

    Kim, so many homeowners are getting jerked around by their lender in getting their loan modification approved, whether by trial or permanent. I have been recommending that homeowners cover themselves by using the stop foreclosure in a day program to prevent the lender from accidentally on purpose foreclosing and forcing them to negotiate with you. Please read this:

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