Thursday, October 28, 2010

Bank of America Mortgage Modifications – Homeowners Need Your Help Not Your Red Tape

Recently, a client approached me concerned about her recent mortgage modification situation involving NACA and Bank of America. The Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community advocacy and home ownership organization. NACA's primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable home ownership. NACA has said that they have conclusively shown that when working people get the benefit of a prime rate loan, they can resolve their financial problems, make their mortgage payments and become prime borrowers. The problem is that home owners can't resolve their financial problems if Bank of America makes it difficult to do so. According to my client, NACA assisted homeowners who borrowed from Bank of America are getting stuck in a "Catch 22". Homeowners who have gotten help from NACA are being required by Bank of America to have a NACA representative conferenced in to any phone conversation with the Bank. It is difficult enough to get one party on the phone, let alone to coordinate two unrelated parties. Bank of America's procedure in regards to NACA assisted homeowners is problematic. The banks should be doing everything they can to assist homeowners in this current economy. Bank of America needs to adopt a slice of NACA's primary goal and eliminate the red tape and focus on helping working people to resolve their financial problems, not exacerbate them.