For distressed homeowners, mortgage relief ends up costing more
Kevin Parker, a flight attendant who bought this St. Petersburg house in 2007, got a Bank of America loan modification last year but now owes the bank more than he originally borrowed.
His lender, Bank of America, allowed him to skip payments on his St. Petersburg home for 90 days. But when Parker sought a permanent loan modification, he began a journey as bumpy as anything he had encountered in the air, writes St. Petersburg Times reporter Susan Taylor Martin.
The Florida Attorney General's Office says it has fielded 486 complains about Bank of America and a company it took over, Countrywide — more than it has about any other lender. Many of the gripes are from homeowners who have been unable to get modifications despite repeated contact with customer service reps who lose paperwork, give conflicting information or ignore them altogether.
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If you're interested in learning more about the federal Making Home Affordable program, visit MakingHomeAffordable.gov or call 1-888-995-4673.