BofA Give-Away Has Few Takers Among Homeowners: Mortgages

[discocrisco01]

Bloomberg reports

"When Bank of America Corp. sent letters to 60,000 struggling homeowners offering to slice an average $150,000 off their loans, the lender got an unusual response from most of them: silence.
Homeowners who fell behind on their payments began receiving the mailings in May, part of the bank’s effort to meet terms of the $25 billion industry settlement over foreclosure abuses. More than half haven’t responded as “borrower fatigue” causes them to tune out the offers, said Dan Frahm, a spokesman for the Charlotte, North Carolina-based bank.
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Bank of America Corp. loan negotiators help homeowners with terms of mortgage restructuring in Los Angeles. Photographer: Patrick Fallon/Bloomberg


“The number of customers responding is lower than we expected, given the significant assistance available,” Frahm said in an interview. “We are working very hard to determine why response rates are lower than expectations.”
Bank of America, which pledged almost half of the fines and assistance in the February settlement with state and federal officials, is critical to determining how many U.S. homeowners are helped by the landmark deal. Housing advocates say that relying on the same companies that committed loan servicing abuses to avert foreclosures may result in yet another program that helps fewer people than intended
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I guess people do not trust of Bank of America. They were just did not trust the bank and decided to give up Why trust Bank of America when they have lied and cheated you in the past?

[2pooped2pop]

1. I have not received this offer but

when they send any info, they act like you might qualify for help, but you don't. I think they use the mass amount of info they want on those forms to further fuck you.
So why give them your bank acct number, your other financial info and shit just to make it easier for them?


I think that is why they are not getting much response.