Bank of America Home Loan Modification Process

I'm starting to think that the whole Loan Modification is just another bank racket. I called in again today just to check the status of things. 2 HOURS later I'm severely pissed.

Every single person I talk to tells me something different. I talked to three people this morning in three different departments and all of them were all over the place with reasons and excuses as the why I haven't received "a packet".

It seems almost like complete bullshit. The girl I spoke to last week who told me she was putting me on the "expedited" list....... didn't put me on the list.  Both of the people I talked to today said I was put on the list. One guy had me on hold while he put all kinds of notes in my file. When I called back after gettting disconnected the next person said there were no notes in my file at all.

What the hell is going on at Bank of America? I have been told that B of A is waiting on the Government to make a decision on my adjustment and I have been told by B of  A that the Government has nothing to do with the adjustment. They are just waiting on the investors to make a decision. I even came straight out and asked someone about this because I thought for sure that my files had to cross some government official's desk and was told no, it's all done in house.

Is it just the telephone operators that have no clue? Are they all trained differently? Are they just reading out of a notebook filled with appropriate time stalling phrases to keep home owner's from calling back? I simply cannot figure it out.

To me it just seems like a stalling factor. Here, make payments that you can't afford AT ALL for the next threee months and then we'll string you along for another month or two and then when you get really desperate then we'll expedite it and finally tell you what your new payment is.

Like I said I am not one for government handouts but there are two things that bother me here. I could afford my house when I bought it 4 years ago even though I was screwed on the interest rate. Not because of my horrible 780 credit score, but because I was self employed in the same industry for over 10 years I was considered a credit risk. Instead of getting the standard 5.5% interest that everyone else was getting back in 2006. We got 7.5%. That was bullshit.
The second factor is that we wouldn't be in this mess if the banks hadn't messed up and jacked up the entire lending industry. Because two of our businesses are directly related to construction we got screwed. When the banks stopped lending and people stopped building we got royally screwed. Lucky for us we still own one other business that is not affected by the banking industry. If not for that we would have been out on the street a year ago.

I have long since come to the conclusion that most people who work at banks are clueless. They have no background in banking or business, they are simply cogs in a machine who do what they are told. I guess someone has to have those jobs, but come on, some one needs to step up and take responsibility for all this. If we could just go back to the system where real people who have direct authority can make decisions based not only on numbers and hard facts but also on the personal history of a customer. It's been a long long time since the banking industry worked this way, but it seems like the only way for them to dig themselves out of this mess. 

If only I had a big enough audience and could get enough people pissed about the Loan Modification situation. There are supposedly millions of homeowners trying to get loan mods....... where are they and why aren't they complaining? Are they too embarrassed? I'm not ashamed of my situation. Shit happens. But if more people were more vocal about this process maybe something could be done about it.

I'll keep my fingers crossed.