A pretty strong statement, but BOA has led me to believe this through it's own actions. Here's why.
Most other lenders begin the foreclosure process like clockwork, right at the 90 or 120 days late mark. I regularly consult with clients of Bank of America that are 15, 24, 36 months with no payment, and there are still no lis pendens on the land records, and no action started in the court system. Don't get me wrong, many lenders will stall the process themselves along the way, so it takes over a year or 18 months or more to complete. But BofA isn't even getting the ball rolling in that time period. What is the most logical explanation? THEY WANT TO DRAW OUT THE PROCESS OF HAVING TO WRITE OFF THE BAD DEBT.
Bank of America has been actively soliciting clients that are pursuing a short sale, and trying to pressure them into a loan modification. Just happened to me yesterday as a matter of fact. I get a phone call last night from BOA at 7:30 pm, with the Bank of America rep stating that they spoke to the short sale department, and they got my number from them. The rep stated that the phone number they have on file for my client is out of service, and would I be so kind to give them my clients new phone number. Ummm no.
The rep kept stating that they were just the new "single point of contact", and they wanted to call my client to see how the short sale was going. This was a new department at the bank. Riiiiight. Especially when I googled the number you called from, the phone report comes up as BOA loan mod solicitation.
So I instructed her to email me her contact info, and I forwarded that info onto my clients. They thanked me for not providing her with their number. Although they (BofA) DO already have it.
Why would they be actively marketing loan mods to clients already pursuing a short sale, trying to force short sale clients into a loan modification?
Well with a short sale, they would be forgiving a large amount of debt. My guess is, THEY WANT TO DRAW OUT THE PROCESS OF HAVING TO WRITE OFF THE BAD DEBT.
Any ideas what the next trick they have up their sleeve is?
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