Bank of America (BAC) efforts to help 60K homeowners slice a large chunk of principal of their...


Bank of America (BAC) efforts to help 60K homeowners slice a large chunk of principal of their mortgage balances are falling short of expectations as more than half haven't responded to mailings from the lender. Other large lenders are reporting far better success, suggesting some truth behind anecdotal reports of the difficulties of dealing with BofA.

From other sites
Comments (15)
  • davidingeorgia
    , contributor
    Comments (2661) | Send Message
     
    "Bank of America" and "falling short of expectations" in the same sentence. There's a shocker for you.
    11 Jul 2012, 08:37 AM Reply Like
  • bbro
    , contributor
    Comments (11216) | Send Message
     
    Garbage...more BAC.bankbashing...Is the borrower never at fault??
    11 Jul 2012, 08:40 AM Reply Like
  • jackooo
    , contributor
    Comments (1738) | Send Message
     
    How can the borrower be at fault???? It is the sodi defense used in many criminal proceedings.
    Some Other Dude Did It!!!
    The bank FORCED ME TO GET A MORTGAGE....
    11 Jul 2012, 12:24 PM Reply Like
  • garysund
    , contributor
    Comments (280) | Send Message
     
    People see stuff in the mail and think it is junk mail. If the bank really wanted to help people then they should hit the phones and contact people in person. The question is do they really care, I doubt it.
    11 Jul 2012, 08:42 AM Reply Like
  • bbro
    , contributor
    Comments (11216) | Send Message
     
    Maybe the bank should open the mail ,fill it out for them,put the stamp on envelope,get their groceries, fill their car up,mow their lawn,etc,etc,etc
    11 Jul 2012, 08:44 AM Reply Like
  • Mike Maher
    , contributor
    Comments (2860) | Send Message
     
    Because everytime I see that a bank is calling me on my caller I'd, I rush to pick up the phone.
    11 Jul 2012, 09:01 AM Reply Like
  • MexCom
    , contributor
    Comments (3069) | Send Message
     
    Give me a break. A 50% response rate is very good. The glass is half empty story. How many have died? There is a natural death rate in the population. How many moved and left no forwarding address abandoning their property? How many purposely not respond because they want to milk every day of free rent they can before they are foreclosed?
    11 Jul 2012, 08:43 AM Reply Like
  • SteveTheHawk
    , contributor
    Comments (2170) | Send Message
     
    I was thinking about that as well. I wonder how many underwater homeowners are just living for free on the banks dime, knowing that eviction will be a long time coming.
    11 Jul 2012, 09:39 AM Reply Like
  • green_valley
    , contributor
    Comments (42) | Send Message
     
    lol. Its just like a lawyer trying to contact the underwater guy who is not paying. My friend contacted them to refi and they never get back to him and he is clean. Seems they prefer to keep the old loan of 5.5 %. A refi would save him $750/mo. Greedy bank run by a lawyer.
    11 Jul 2012, 10:00 AM Reply Like
  • bigTTT
    , contributor
    Comments (259) | Send Message
     
    Many say, pay their mortgage for them, give them food stamps, Govt. assisted housing, ok free assisted housing, pay their heating and cooling bills. Yes, this is being done. They don't work because if they do, they will LOSE these benefits. (The Govt. never figured that one out)! Including the President! (You won't hear that question on the debates either!) That's the facts, good or bad.
    11 Jul 2012, 10:18 AM Reply Like
  • Buckoux
    , contributor
    Comments (9062) | Send Message
     
    Bank of America has the reputation of hiring the lowest qualified applicant that can do the job. I have an acquaintance who trains tellers and customer service for credit unions. They say they always have to retrain former BofA employees or cut them from training before completion. Mostly the latter. BofA may be the biggest, but it's also the lowest common denominator in banking. Look at its stock price. There's more to that dismal price than just toxic assets and a recession.
    11 Jul 2012, 10:55 AM Reply Like
  • Poor Texan
    , contributor
    Comments (3527) | Send Message
     
    And with all the turmoil at BofA, employee morale is probably at a low point, leading to poorer customer service. I handled my mother-in-law's affairs at BofA and had the least satisfaction of any of the banks I deal with.
    11 Jul 2012, 12:15 PM Reply Like
  • lindyadam
    , contributor
    Comments (7) | Send Message
     
    When will these behemoth businesses set about to reap the benefit of treating people with respect, with personal attention. A Form Letter? Oh Please. What are they thinking? How about a personal phone call and an invitation to meet with bank officials in a place within the borrower's community? Assign one person a supportable list of borrowers, and have that person travel and maintain contact with, and oversee the files of, each borrower until the matter is resolved. Good Heavens, surely they have the resources for that? There is simply no excuse.

     

    Surely it would be the best PR ever, because they have to have some return on their investment of time and energy. Well, that's fine too, I'm happy for the Bank to benefit from reasonable activity, since I'm long BAC.

     

    Through the settlement, (albeit imposed) they have an opportunity to dispense with what has been the residual disconnect between big big businesses and what they perceived as "small" "small" individuals. For the sake of our economy and our humanity, a word to BAC, and all the others...."Get On With It....Stop Whining.....Connect in a personal manner with those who are, by virtue of your business decision to purchase CW, Your Customers ..." (Sigh)
    11 Jul 2012, 02:13 PM Reply Like
  • jackooo
    , contributor
    Comments (1738) | Send Message
     
    The reason very few people applied is because they are taking reading and comprehension lessons.
    They are trying to understand what they are signing for unlike the first time around.
    BAC is supplying tutors for the morons....
    11 Jul 2012, 04:22 PM Reply Like
  • bigTTT
    , contributor
    Comments (259) | Send Message
     
    We have one BAC branch where I live that gives the best service you can imagine. They always have someone in the bank that will meet you as you walk in and direct you as to where to go. They are always very busy and efficient. So not all branches are alike evidently. I do business with several banks. BAC is the best where I live.
    12 Jul 2012, 09:28 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs