Borrowers having a hard time making their payments....a little lesson I learned from a client...

The making homes affordable plan is a good plan in theory....the problem is that the banks don't take you serious if you are having a hard time making your payments until you start missing your payments.

I have one client that has been having a hard time "like many others" making all his bills...he contacted Bank of America 4 months ago and only got somewhere today when they finally got him to the dept that can actually help him....

He has been told for the last 4 months "just keep making those payments and everything is fine"....to which he has responded for 4 months "the money is running out and that is why I am calling you early to let you know I have a problem"!

My question is this....Why would the bank not want to help someone that does the right thing and calls in ADVANCE to let them know that a big problem is coming soon? Why do they wait until you miss a couple payments to step up and realize that indeed the owner might be having a problem?

His frustration with Bank of America sounds like it is not the only situation out there where the bank is dragging their feet to actually help!

My opinion is, that sense he called early on and was given the run around and nothing has happened for 4 MONTHS to help him that he should go to the front of the line!!

Probably not though....it will be the people that have missed a couple payments...had their FICO's drop that will get the help first....Doesn't seem quite fair....but then what about this entire situation is?

Miss some payments....you will be taken seriously.....keep making your payments even though you have nothing in the bank and they won't help you....This I have learned from him....

Regards,

Richard