Any Realtor who has worked short sales can attest to the frustrating delays, lost documents, and mistakes made by the largest banks. Many buyers' agents warn off their buyers if the lien holder is BOA, WF, or Chase and many agents won't list a short sale if one of those three is a lien holder. The problems aren't limited to short sales, however, and the situation is far worse for the mortgagors who took out a loan with one of these giants. The Associated Press posted an article this morning about continued incompetence in these banks relating to loan modifications.
The article describes the travails of some borrowers who were able to obtain a loan mod through the HAMP program. But even after they got an approval and had started making the new agreed on payments, the banks continued to harass them with late notices and incorrect balances. Some have said the banks are overwhelmed and others think they're just incompetent. It may be more than incompetence, however, as one former call center worker, who will be a witness in the pending law suit, claimed that a bonus was offered to anyone who was able to collect more than was due.
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