Bank Of America Loan Modification Complaints

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bank of america mortgage loans countrywide home loans fraud both impacts and is impacted by various economic conditions such as mortgage loan originations; unemployment; mortgage loan delinquencies, defaults, and foreclosures; negative equity; loan modifications; housing prices and inventory; real estate sales; housing construction; and bank failures.

Phil Jackson of Marysville, WA said his FICO scores dropped from the mid-700s to the mid-600s after his lender put him on a trial modification and reported it as a partial payment. On the plus side, the trial modification has cut his monthly payment by $1,150.

After determining if the home's value has increased, declined, or remained stable, we start to research other data available on the neighborhood, the immediate market area, the zip code, the city and the county. Often, the specifics of a $500,000 home in a neighborhood may indicate no change in value, while the statistics relating to $900,000 homes in that same market tell a very different story. We often find large differences between our findings and the general statistics available about the same zip code or city.

"We have in the past looked beyond a credit score at someone's full credit history and we will continue to do that," said Tom Kelly, a spokesman for Chase. Don't believe that for one minute. You are a number to any bank not a person.

When we receive a loan request or evaluate an investment opportunity, we're often provided with a property appraisal. We almost always re-appraise the property ourselves, or order an appraisal from an appraiser that we trust. As part of our review of appraisals, we use our value research. It's unsettling to realize that most appraisers are generally unaware of this type of research and analysis in evaluating property.

One of the most difficult aspects of dealing with mortgage fraud is that it's hard to know the scope of the problem. The human element that's involved makes would-be fraudsters hard to spot, and those already committing fraud even harder to identify. Because these people are white-collar criminals, they look, dress, act, and talk just like the rest of us. They won't look like criminals, they'll look like loan officers, real estate agents, members of management and loan processors or closers and, of course, the next door neighbor. Whether it is in your own company or simply a scourge of the industry itself, fraud is extensive, invasive, and still present.

The new reporting guidelines do not apply to loans that are refinanced or put into forbearance. mortgage rate graph canada. They have their own, separate reporting guidelines. Nor do they apply to loans modified outside of government programs.

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