Bank Of America's Mortgage-Modification Practices Border On 'Unconscionability,' Judges Say

[shayl475]

Bank Of America's Mortgage-Modification Practices Border On 'Unconscionability,' Judges Say

[Evan Bedard]

According to the Associated Press, BofA accepted Ficco into its mortgage-mod program and cashed the checks she sent -- until the day it informed her that she wasn't actually eligible for the program, that she'd been invited and accepted in error and that the bank now wanted to foreclose on her house.


BofA's conduct earned it a rebuke from a New Jersey appeals court last week, when judges wrote that for the bank to offer Ficco help, then "pull the rug out from under" her after she'd been making payments for months, "borders on unconscionability."

Thanks for sharing this article, this homeowner's story is identical to hundreds of stories we have heard here in the forum.

[CAValleyJake]

I’ve been waiting for 4 months for BofA to approve the modification loan after I successfully finished the trial period and got all paperwork in one time. My credit rating has dropped 125+ points and they keep telling me they have ~75,ooo loan to go through and am not sure when they will get to mine. I’ve called once a week and can’t seem to get any further. Are there any suggestions on courses of action I should pursue?

[Evan Bedard]

I’ve been waiting for 4 months for BofA to approve the modification loan after I successfully finished the trial period and got all paperwork in one time. My credit rating has dropped 125+ points and they keep telling me they have ~75,ooo loan to go through and am not sure when they will get to mine. I’ve called once a week and can’t seem to get any further. Are there any suggestions on courses of action I should pursue?

Welcome and thanks for joining the community.

Did you just finish making your 4th trial period payment or has it been 4 months since the trial period has been complete? If it has been 4 months since completing the trial period I would recommend contacting BofA's executive team to see if they can find out what the hold up is and possibly escalate your account.

BofA executive team
1-704-386-5687