Bank Of America - Making Home Affordable

Interesting article

http://www.washingtonpost.com/wp-dyn/content/article/2009/10/11/AR2009101102206.html

"There's a difference between hardship and entitlement," said Jerry Durham, Bank of America's vice president of home retention.

Amen.

Struggling to make your payments, apply for a job at your lender:

A Fast-Paced Scramble

The number of employees handling loan modifications for Bank of America has doubled this year to 11,000, and the bank still has 240 openings. It plans to open another facility in Fort Worth by the end of the year staffed with 300 more employees, and then it would add yet another 300 by the middle of 2010.

Just kidding...but it is funny ;)

BofA is not the only one though...Wells has not done many loan mods either...bottom line, it's a case by case basis, and with the unemployment numbers what they are, many people shouldn't qualify for loan mods b/c there's no realistic expectation that they could pay the debt back.  IMO, there are very few people that should legitimately qualify for a loan mod.  It's about accountabililty.  It's a contract that you signed.  And I'm tired of people saying that there house is not worth what they owe on it as an excuse for affording the payment - the house value has nothing to do with your payment.  If you want to walk away b/c of home value, then fine, walk away.  It's a business decision.

I think more often than not, foreclosures are a result of a hardship, i.e. lost jobs, lower wages, unable to make current mortgage payment.  I agree, if you can afford your payment, pay it, if you lost your job and are making 25-50% less, that's a hardship.