Racing the Clock to Avoid Foreclosures

Bank of America Scrambles to Modify Loans Ahead of Government Deadline

By Renae Merle Washington Post Staff Writer
Monday, October 12, 2009

PLANO, Tex. -- "Bank of America employees are reminded every day of how far they still have to go. Just outside the elevators of their vast third-floor command center, attached to the wall, is a cardboard thermometer that shows them inching toward their goal of signing up 125,000 struggling borrowers for a federal program to modify their mortgages.

The company faces many of the same challenges as other major lenders addressing the foreclosure crisis. But with weeks remaining to meet the November deadline set by the Obama administration, Bank of America is trailing well behind the other large banks, according to Treasury Department data."

http://www.washingtonpost.com/wp-dyn/content/article/2009/10/11/AR2009101102206.html?hpid=topnews

"The company's effort has been hamstrung by a staff shortage and by adapting its computer systems and even fax machines to the scale of the program, which began in March. The company was also slow out of the box because it initially took a more conservative approach than some other banks, requiring that borrowers document their income and complete other paperwork before granting preliminary approval for a modification. In August, Bank of America softened the requirement and began authorizing some modifications without getting all the documents first."

HAVE YOU HEARD COMPLAINTS ABOUT BANK OF AMERICA LOAN MODIFICATIONS?