Any Real Estate Investor that has worked a Short Sale or Foreclosure with B of A or tried a Loan Modification with them knows they would rather foreclose and will delay the heck out of the process. “Can’t find your paperwork” is getting really old folks !
Homeowners in Washington State are suing Bank of America, alleging the nation’s largest lender is “intentionally” and “systematically” thwarting and ignoring borrowers’ requests to make reasonable mortgage modifications that would prevent homes from being foreclosed.
The complaint notes that part of Bank of America’s income is based on loans it services for other investors, fees that will drop as loan modifications are approved. The complaint also notes that Bank of America would need to repurchase loans it services but has sold to other investors before it could make modifications.
