- Report: #1068545
Report - Rebuttal - Arbitrate
Complaint Review: Bank Of America
Bank Of America home owners loan modifications . Internet
*REBUTTAL Individual responds: Bank of America has recoverd but homeowners have not
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We were eligible for a loan modification due to being hit by a Hurricane. We submitted our paper work and were told not to make any pavements while the paper work was being processed. By the time they said they had received and processed the paper work they had already begun the foreclosure. We were able to stop the foreclosure but our interest rate is over 4% and it should have been 2%. Here are exerts from
By Michelle Conlin and Peter Rudegeair
Fri Jun 14, 2013 5:42pm EDT
Once a HAMP application was delayed or rejected, Bank of America would offer an in-house alternative, charging as high as 5 percent when the loan could have been modified for 2 percent under HAMP, according to an affidavit by William Wilson, who worked at the bank's Charlotte, North Carolina office
Six former Bank of America Corp (BAC.N) employees have alleged that the bank deliberately denied eligible home owners. The former employees, who worked at Bank of America centers throughout the United States, said the bank rewarded customer service representatives who foreclosed on homes with cash bonuses and gift cards to retail stores such as Target Corp (TGT.N) and Bed Bath & Beyond Inc. At the same time, the bank punished those who did not make the numbers or objected to its tactics with discipline, including firing loan modifications and lied to them about the status of their mortgage payments and documents, For example, an employee who placed 10 or more accounts into foreclosure a month could get a $500 bonus. The testimony from the former employees also alleges the bank falsified information it gave the government, saying it had given out HAMP loan modifications when it had not
This report was posted on Ripoff Report on 07/19/2013 05:44 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-Of-America-/internet/Bank-Of-America-home-owners-loan-modifications-Internet-1068545. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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