Distressed homeowners ignoring Bank of America offer to avoid foreclosure

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Distressed homeowners ignoring Bank of America offer to avoid foreclosure

Distressed homeowners ignoring Bank of America offer to avoid foreclosure

KING5-

If you think the foreclosure crisis is over, think again.  Delinquencies were up 7 percent in Washington State in the first quarter of 2012 and nearly one in every 1,600 homes is in foreclosure, according to RealtyTrac, a company that tracks foreclosure data nationwide. 

Under a recent government settlement, five of the country’s biggest banks agreed to provide billions of dollars of relief in the form of forgiven principal and mortgage reductions.

You might expect people would jump at any chance to get a modified loan that could help them fend off foreclosure.

That’s certainly what Bank of America expected when it began sending out the first of 5,000 letters asking Washington homeowners to apply for a loan modification program that could reduce their payments by, on average, 35 percent.  

“This is a very important program, starting with the fact that most of the customers we’re working with have a foreclosure sale date in the near future, and this is probably the last best opportunity for those customers to stay in their home,” said Dan Frahm, Bank of America senior vice president.

[KING5]

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3 Responses to “Distressed homeowners ignoring Bank of America offer to avoid foreclosure”

  1. Sally Johnson says:

    Why take up gangsters on their “offer”?

  2. dani says:

    THE ATTORNEY GENERAL AND OTHER PEOPLE SHOWN IN THIS VIDIO ARE NAEVE,NOT THE HOMEOWNERS.
    BANK OF AMERICA HAVE NO PLANS TO MODIFY ANYONE, ALL THEY WANT IS TO STEAL HOMEOWNERS HOMES BY FRAUD. NO ONE SHULD TRUST ANYTHING THAT BANK OF AMERICA SAYS ITS ALL PROPOGANDA TO “SHOW” PEOPLE IN AMERICA THAT THEY SOMEHOW WANT TO “HELP” BUT PEOPLE THAT DEALT WITH BANK OF AMERICA KNOWS THE TRUTH THAT THEY ARE FULL OF IT

  3. Will says:

    I think most have already learned from the failed Hamp program, spent countless months in a viscios circle of lies and purposly lost paperwork. Homeowners in trial modification foreclosed on. The servicers for MBS are powerless against the rules of REMIC IE; the IRS and The pooling and service agreaments formulated to the REMIC. The HAMP verbage says the servicer can modify the note “IF” there are no existing contacts to the contrary. The revised IRS rules of the REMIC only apply to new loans not retroactive. Fool me one time shame on you.

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