Is it any surprise that Bank of America received horrible marks when it was recently graded on how well it helped its borrowers in default? If you have a Bank of America loan like I do, or have worked BofA short sales, the answer is probably, “No surprise at all.”
In a recent article by Carrie Bay of DSNews, the mortgage giant was called out for a pathetic performance when it came ot assisting borrowers who needed help the most.
In a recent analysis made by Moody’s Investors Service, it was discovered that it took Bank of America an average of 14 months to resolve 50% of loans that were 90 days or more in default, where it only took GMAC about 4 months. That is a huge discrepancy, regardless of the excuses thrown out there by BofA.
But not only does Bank of America take longer to resolve these issues, they also take longer to determine if borrowers are eligble forHAMP or HAFA programs to assist in either mortgage modification or short sales. Making this determination is NOT rocket science- the requirements are quite clear and a trained monkey could do it in 30 minutes.
But again, if you have ever tried working with Bank of America as a borrower or agent representing a seller, this should come as no surprise. Disappointing yes, but not surprising. Since Bank of America services more loans than any other company, hopefully they can make the necessary fixes and assist in getting this housing crisis resolved.