How To Handle Bank of America Loan Modification Denials

 

One of the most tough financial institutions to deal with, it seems, when it comes to Loan Modification is Bank of America, here is the experience of successful mortgage owners when dealing with Bank of America:

“For the last year I have been working with a good friend of mine in order to get her Bank of America first mortgage modified. And they finally approved the modification. Payments are going from around $1800 to $1300.

To make a long story short, your income, how much you owe and other factors doesn’t determine whether you get a modification or not. Persistance is key with dealing with these people. Another thing key is putting pressure on the bank, through complaints, repeated phone calls and letters. You have to realize that Bank of America really doesn’t want to approve any modificiations, at least in California and most of the ones they do approve are completely inadequate. So it requires a lot in order to get them to approve an adequate one.”

Here is Another advice:

“You are going to have to play very hard ball with Bank of America. Be prepared for to call them at least twice a week for some months. The loan modification for my friend took a year. Never take no for an answer from B of A. Continue to pressure the bank and you will achieve victory.

Start by calling the office of the CEO. The phone number is 704-386-5687. If that number is busy, you can call the numbers for Bank of America headquarters. The number is 704-386-5972. When you get the operator, you ask for the office of the CEO. When you get someone on the phone, explain that you need someone to help you modify the mortgage and nobody else was willing to work with you. You have been a customer with the bank for a long time and really want to work with them, but in all honesty, you are facing financial issues and you don’t want to be forced to file for bankruptcy. You also have to explain that you want to stay in your home but you need a heavy reduction in the payment, at least 50%. I know that they most likely aren’t going to give that to you, but you have to propose something. They will transfer you to a manager who should start the ball rolling.

However, even with a manager helping you, it is best, at the same time to reach out to government officials and agencies so that they can apply pressure on Bank of America.

You should start by reaching out to your senator and congressperson about this situation. Write them letters and request assistance. Also file a complaint on Bank of America with the OCC, Office of the Comptroller of the Currency which is the regulator of Bank of America.

One tactic which I used while helping my friend is in addition to filling a complaint myself, I reached out to one of the aide’s to her congressman. I got that person to complain to the OCC about Bank of America and our situation.

Drumming up external pressure on this bank is KEY. As I said before, they do not want to help you or any homeowner but if you generate enough pressure through complaints they will eventually act. But be prepared for a battle.”

For those who are finding hard to get loan modification from Bank of America, try to implement these strategies, and best of luck.

 

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