Wednesday, March 24, 2010

Bank of America to Reduce Principle? Consumers Beware!!!

In response to the article: Bank of America to lower mortgage principal

I am skeptical, sorry to say. At best, BofA has the authority to reduce principal for borrowers in the portfolio they own and do not only service. I think this is most likely a carrot-of-optimism to keep people who are considering walking away from doing that so soon. Like other plans, everyone and his brother will call in tomorrow to see if they qualify. Causing disgusting hold times, and the representative will only say "that program is not out yet, just because you heard it in the media doesn't mean its available now, call us back in two weeks." Or the rep will offer to put the people on a trial modification program which will allow the person to make partial payments until they have accumulated enough delinquency to qualify for modification all-the-while reporting negatively to the borrower's credit report. Awful! Watch out people... Consumers Beware!

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