Working With Bank of America Home Retention Department

I've spent countless hours listening to frustrated homeowners who are seeking loan modification assistance from their lenders, but more often Bank of America is the name that always rears its ugly head. You may or may not have heard BofA (Bank of America) took over Countrywide one of the top lenders in the Country. Due to acquisition of that company it has increased their consumer portfolio, causing a shortage of qualified individuals to work on home assistance requests. Not only does general phone calls get transferred overseas, half the time the representatives in those countries do not even have the right information. One thing I have learned when dealing with BofA or any servicing lender is always double check and recheck the information you are being told about the status of your loan modification. The BofA home retention department has at least 10 different call centers in the US alone and supposedly they are suppose to operate the same, unfortunately they do not and often distressed homeowners are given incorrect, inaccurate information. Sometimes causing them to lose their home...

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So here are some tips on what to ask your lender and this will apply across the board with other lenders as well.

1) Do your homework! If you are applying for the government program HAMP, MHA (making home affordable) go to their site and check out their Q & A (question & answer section).
2) Review your financial information (income vs. expenses) if you are underwater every month more than $200.00 you usually will not qualify for assistance. Lenders like to see you can afford your mortgage even though you maybe behind.
3) Check out the lender's website and review the types of options they have available to struggling homeowners.
4) Make sure you are calling the right department usually home retention
5) Once you submit your application call and check that the lender has everything they need! Most often homeowners do not fill out lender forms correctly (Request of Modification Affidavit) RMA, or do not send in correct supporting documents (income & bank statements).
6) Once you have confirmed the lender has everything ask questions, lots of questions. For example: What is the next step? When will I hear something?, How long does this process take? Bank of America takes up to 7 months to process applications from start to finish.

Remember contact is key to making sure your application doesn't get derailed and closed out because you are not in contact with your lender. Thanks for reading and check back with us for updated information and changes and as always keep moving forward!!

http://www.makinghomeaffordable.gov

Article first published as Working with Bank of America Home Retention Department on Technorati.

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