Bank of America Mortgage Modification

The recent Home Stimulus Plan that President Obama signed allocated 75 billion dollars to help people with mortgage troubles avoid foreclosure and stay in their house. The participating banks are on a federal list of approved lenders, and they receive sizable financial incentives and rewards for their work. Bank of America is one of these lenders, but it has turned out that getting a Bank of America Loan Modification has not been quite the extended helping hand the President envisioned.

The loan modifications arrange new, reworked mortgages for homeowners who are facing foreclosure and have nowhere to turn. The current economic climate has put many people in this situation through no fault of their own. That is the people that the government program was set up to assist.

But, the people seeking to obtain a loan modification through Bank of America have not only had trouble getting approved, they have had trouble just getting through! Even Congresswoman Maxine Waters, attempting to contact Bank of America on behalf of constituents, could not even get through. When she finally did, she was given very little consideration and transferred from extension to extension, being disconnected several times. This was recorded and presented on a national investigative news program, drawing attention to the fact that the federal stimulus program may not be translating well into the real world.

The number of loan modifications being completed nationwide is not what President Obama envisioned, and Bank of America is very slow in their participation. Their phone lines and loan officers are being bombarded, and they were not prepared to deal with the influx of contacts regarding this program.

If you are in need of a Bank of America Loan Modification, you definitely need to find out the most advantageous ways to go about obtaining help through this program.