Who Are The 100,000 Homeowners Who Got A Loan Modification Through BOA?

Recently, my Florida associate, Chip Parker, discussed the recent press release by Bank of America/Countrywide that 100,000 homeowners had been helped with loan  modifications.   As Parker explained, the figures are misleading and the press release made Bank of America (BOA) seem as if the giant had voluntarily assisted homeowners, rather than the reality:  BOA was ordered to assist by the California Attorney General’s Office.

Parker is in Northern Florida.   My office practice is in Southern Oregon.  Kent Anderson, a central Oregon consumer attorney, wrote extensively about the problems with the Home Affordable Mortgage Modification program.  Another recent article on this site discussed the Texas Attorney General’s lawsuit against Countrywide. Another recent post by my Kansas associate, Jill Michaux, discussed the Watchdog Panel’s report that few homeowners were getting assistance through any mortgage modification program.

The Mortgage Law Network (and its sister site, Bankruptcy Law Network) was formed by a group of attorneys from across the country–in small towns and large cities.  Our clients come from fast food restaurants to owners of large companies.   Our years of practice range from 10 years to over 30 years.    We are Democrats, Republicans, non-partisan, maybe even Libertarian.   Our practices are located in the Pacific Northwest, California, the Southwest, the Midwest, the Central States, the Mountain States, the East, the Northeast, the Gulf Coast, the South–in other words, we represent the country.  We write on a variety of topics related to mortgages and bankruptcies.

Yesterday, my friend, Rachel Foley, a Missouri consumer attorney, blogged on the idea of thankfulness on Bankruptcy Law Network.    I am thankful for the small group of attorneys who blog on this network and Bankruptcy Law Network.     I am grateful for the National Association of Consumer Bankruptcy Attorneys (www.nacba.com).     I am grateful that each of us has a voice.

What does any of this have to do with the opening paragraph?   Because of the blogs from across the country and the discussions held with fellow members of this network, who also have discussions with members of NACBA, and additional discussions with each member’s respective local state bar groups, I could tell the couple in my office for a consult about mortgage modification/bankruptcy protection, that “no, it is not personal with BOA–I KNOW NO ONE WHO HAS GOTTEN A MODIFICATION.   AND MY FRIENDS KNOW OF NO ONE.   AND THEIR FRIENDS KNOW OF  NO ONE.   AND THEIR FRIENDS……”

Because my consultation couple read that press release and figured they were just unworthy–that it was THEM that didn’t qualify.    Because my associates speak out, my clients can hear the truth–that it wasn’t “them”, it wasn’t “their trustworthiness”, it is that there weren’t 100,000 modifications just by one mortgage company.    If there were, where are these 100,000 homeowners?       I find it completely plausible that there were, in fact, 100,000 requests for modification.    I find it non-credible that there were, in fact, 100,000 modifications.

Related posts:

1. Loan Modification Works Better If Payment Lower
2. Demand Meaningful Modification of Your Mortgage Loan
3. Congress to Take Up Mortgage Modification in Bankruptcy This Week