Bank of America has opened a call center due to all the homeowner's who are in foreclosure. There are 4,000 employees that work at the center in Los Angeles. Bank of America employees are dealing with angry and extremely frustrated customers on a daily basis. Many callers can not afford their mortgage payment due to loss of income and their bills increasing. Therefore, they fall behind on their mortgage and the foreclosure process starts. However, several homeowners apply for loan modification and are usually approved based on their current situation.
Many critics feel that Bank of America does not approve as many modifications under the Home Affordable Modification program as Citigroup, Wells Fargo and JP Morgan Chase. The reason for this is due to all the loans that Bank of America acquired from Countrywide Financial. However, BOA states in their defense that they have approved over $700,000.00 loan modifications in the past two years and there have been 85,000.00 loan modifications that have been approved under the HAMP program.
