Bank Of America Loan Modification Complaints
In terms of helping borrowers modify struggling loans
, Bank of America has quite a tarnished reputation. Not only has the lender had multiple lawsuits filed against them for the lack of assistance they offer to struggling borrowers, they consistently manage to receive the same complaints over and over again.
Heres a list of the most common Bank of America loan modification complaints:
Bank of America employees replaced by robots: Well, not really, but to the borrower waiting on hold for up to an hour at a time and being forced to select from the following options over and over again, it may seem that way.
When a borrower finally gets to talk to a human, they get hung up on: Lets give Bank of America the benefit of the doubt and say that a majority of dropped calls are due to employees who dont know how to work their phone transfer system. If this is the case then what kind of borrower wants to get foreclosure avoidance advice from a lender employee who cant work a simple phone system (especially when a large majority of their job revolves around working in direct contact with the phone system for a majority of the day)?
Bank of Americas filing system doesnt work: A loss of paperwork is expected in any organization, from small town mom and pop shops to the largest business in the world, but borrowers would expect a certain level of performance and consideration from their lender when they are in the midst of a fight for their home. It isnt just that some people have had their financial loan modification documents lost; its that so many borrowers have had their loan modification documents lost. Even worse is that the documents that have vanished without a trace contained the personal financial history of Bank of America borrowers, information that could be in the hands of anybody at this point.
Representative issue conflicting information: When one employee tells a borrower to stop making payments on their mortgage while their modification is pending, and another employee decides it prudent to issue a notice of default or report the lack of payment to credit bureaus, it would appear obvious that there is an obvious breakdown in communication between the Bank of America departments.
Rude representatives: Sure, dealing with angry and scared borrowers all day cant be a fun job, but these reps still get paid to provide a service and they are paid with borrower money, after all. There is no excuse for a rude customer service agent. If they think listening to borrower complaints all day is bad, they should try saving their home from foreclosure when nobody is willing to help.
These are just some of the most common complaints reported by borrowers of Bank of America. The web is crawling with even more diverse complaints from Bank of America and other lenders. In most cases, these complaints come from individuals who didnt hire an attorney to help them with their case, which should be a lesson to anyone considering a loan modification.
by: Timothy McFarlin
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