BofA’s Delinquency Rating - Short Sale Fundamentals
 
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11
Dec

BofA’s Delinquency Rating

mortgage delinquency foreclosureIf you were going to give your bank a grade on its performance when it comes to dealing with mortgage delinquencies, what grade would you give it? I’d like to believe most of you out there wouldn’t know how to answer this question, but the sad reality is it’s more common than uncommon. So if you find yourself with first-hand knowledge of your bank’s ability to handle unconventional mortgage situations, where would you rank them?

Luckily for you, Moody’s has done some of the legwork for you and rated the nation’s top banks. When it comes to loan modification or foreclosure resolution, Bank of America comes in dead last. They showed the weakest performance when measuring its speed at dealing with delinquencies and the proportion of delinquencies that still need to be resolved. This study compared the top 7 banks including many that delinquent homeowners are intimately familiar with such as Wells Fargo, JPMorgan Chase, CitiMortgage, Ocwen, and Litton Loan Servicing.

It’s a scary reality to contemplate. One of the nation’s largest banks has the largest proportion of unresolved delinquencies, and for far longer than most other banks. It’s probably not entirely to blame for the poor state of its accounts for two reasons:

1) many of the accounts were inherited when it acquired Countrywide bank and

2) it agreed to process each loan on a case-by-case basis while trying every means to resolve a delinquency.

For some of the numbers, it takes an average of 14 months for BofA to deal with a bad loan, as opposed to 4 months for GMAC. And I’m not sure if the HAMP process works to the homeowner’s advantage or not, but most banks have tried going along with the policies. It just turns out that Bank of America has done the worst job!

  • sal cassandro

    I had recently tried to do Loan mod and the y did apre qualification and turned me down my income cam in lower than amount owed which where thay got what I owed from the fico score section pulling up delinquate bills which I told her I was only worried about gas light etc. including mortgage I hhave 80thousand dollars worht of equity and probably figured they could get there money from a foreclosure I was suprised that they would not work with me

  • Rick Moore

    I get a migrane everytime I see BOA is the lender. I think “DOA” fits them better.

  • Nfs4085

    My loan is with BOA also. I recently received a workout package, however, the foreclosure is schedule for January 4, hopefully when I turn the package in, they will give me a break. Whenever your loan mod is still in review, they're NOT suppose to foreclose…banks do what they want.

  • Sharon Renee Zevenbergen

    Dear Readers,
    My name is Sharon Z, a senior. I inherited BOA as my bank in the buy-out of an attractive Seattle First Bank and its market. In addition, I am also a real estate investor. I am discouraged to understand that 'my' bank posesses all the earmarks of being complicitory to the whoas of sinking mortgage holders… the very people that I desire to help. What can I do to have a 'voice' in this matter?
    Blessings, Sharon Z
    Integrity Group LLC

  • Charlie1115

    I'm a Realtor I agree 100%.

  • eddie

    Get something straight! BoA does not want to modify any loan! They'll string you
    along until THEY DECIDE to foreclose; their present decision to take losses in the
    future on “shadow inventory” of distressed borrowers will be stopping soon!
    Instead of foreclosing on ONLY two hundred homes in any given suburban zip code,
    it will be fifthteen hundred (1500)!!!
    Get ready for the first phase of financial destruction of America!!!
    Oh, they already know only 1/300 will file litigation to stay in their home; the rest
    are just sheep accepting THEIR decision that the homeowner doesn't qualify for a
    work-out loan program! Get ready sheep to move back into a noisy two bedroom
    apartment dreaming about the “good ole days” when you owned your four bedroom
    dream home! Until you (homeowner) realize the lender is the enemy and fight to
    save your home, you'll be housed in the new larger stockyard area's for future
    sheep that BoA will slaughter!!!

  • Jim Myers

    My thoughts on this run along these lines. I wonder how the banks would feel if they were treated like they treat their customers. First, The Fed could suck them into borrowing at very low “Teaser” rates. Then drop the hammer, and massively raise the rates. When they cannot repay the loans at the new higher rates, threaten them with foreclosure. Refuse to deal with them in good faith. Do not consider the needs of the banks. When they try to negotiate to lower the payments, conveniently loose the paperwork, and keep forcing them to jump through hoops. Look down your noses at them and treat them with scorn. Force them to grovel. Add more and more paperwork to the mix. Then the Fed should foreclose on them, even if the foreclosure paperwork is not accurate. So what. As long as the “TOP DOGS” at the Fed get their bonuses, everything will be okay. (I wrote these comments on another site in October. As far as I am concerned, it still holds true.)

  • PL

    Yeah. Well US Bank told me they did not have to modify my loan because they did not accept any of the stimulus money. I'm on my 4th try right now through HAMP by using a legal service.

  • Saturday

    BofA had us submit a MHA/HAMP application in June 2010. It has been close to 6 months and we have not hear back from them. We have been calling BofA for the last 4 weeks to found out the state of the loan mod. BofA give us the run around. We started looking in the internet and we have been talking to attorney to see what we can do to move forward. We found out that BofA is just waiting our time because their real intention was to foreclose on the property. For one we were never qualified for the HMA/HAMP because our loan is more then $729,000. Why did the just say that. We could have done a short sale. THEY HAVE NO INTENTIONS TO HELP OUT THE ANY HOME OWNER. ONLY TO LOOK OUT FOR THEMSELVES AFTER RECEIVING THE BAILOUT FROM THE GOVERNMENT. THEY DON'T NEED YOUR MONEY.

  • http://www.shortsaleology.com Cory Boatright

    BOA can be incredibly SLOW!!!! You can find out who the Investor is and skip BOA or talk with the Attorney handling the foreclosure to get other direct contacts.

  • http://www.shortsaleology.com Cory Boatright

    If you use an attorney you can get more traction on HAMP.

  • http://www.shortsaleology.com Cory Boatright

    JIm -LMAO! … so true!

  • http://www.shortsaleology.com Cory Boatright

    Eddie – The shadow inventory is HUGE and it's just a matter of time before it starts to open up and then a flood of foreclosures will take place. They are doing their best to hold them back looking for portfolio and bulk buyers for the paper.

  • http://www.shortsaleology.com Cory Boatright

    “not supposed” are the banks famous last words for sure!

  • http://www.shortsaleology.com Cory Boatright

    Rick – HaHaHa!

  • http://www.shortsaleology.com Cory Boatright

    Who owned the loan Sal?

  • http://www.vermilyeaproperties.com Keith Vermilyea

    As a real estate agent I am especially leary of short sales when BofA is the lender. I have seen too many get foreclosed on in the middle of the negotiations. It's like the right hand does not know what the left hand is doing or even worse, they knew what they were going to do all along…

  • http://www.shortsaleology.com Cory Boatright

    BOFA isn't easy, but they do use Equator which is becoming more predictable tool to use for short sales.



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