This is an update to my earlier post on this topic. I spoke with the Attorney General’s Office for the State of Alabama regarding problems with Bank of America refusing to convert trial payment loan modifications to permanent modifications. Others are being told the bank will not honor original loan modification agreements but, instead, wants higher payments and higher interest rates.
The Attorney General’s office told me that people still having to deal with those issues should file complaints with one or all of the following:
- If you are a resident of Alabama, or the property is in Alabama, contact the Alabama Attorney General’s office at 1-800-392-5658 or go to their Consumer Protection Web Page.
- The Office of Mortgage Settlement Oversight, which is charged supervising the settlement agreement reached between 49 states and various banks regarding loan servicing and consumer protection issues.
- The Federal government’s Consumer Financial Protection Bureau.
These agencies are looking for patterns of bad behavior by banks. The more of you who write in with your complaints (and urge your friends to also write, if they have similar complaints) then the more it will become apparent you are not isolated victims of innocent mistakes, but the victims of a widespread plan to defraud and oppress consumers. Action will be taken, if that is the case!
Good luck, and let me know if you file a complaint!