Will the Bank of America Settlement Cause Foreclosures to Speed Up?

So says the NY Times today.  I am not so sure, as I have dealt with these so called “smaller servicers” and do not find them much better than the larger ones.  Granted that Bank of America has been particularly incompetent, but farming it out will not change much. Until they get really serious about working with people, cutting out the foreclosure mills who benefit from frustrating modifications and move to a customer friendly process (how about having modification representatives at local branches?) to help people gather and assemble paperwork and be the face of the bank for the process will anything speed up.

In general, this crisis has proven that the mortgage servicing system is too broken to fix and it should be abolished.  It is anyway largely the result of Fannie/Freddie regulations and could be significantly changed.

As my readers know, if you are facing foreclosure, you should not do so alone. Call me at 201-289-5352 for help with modifications, foreclosure defense and short sales or deeds in lieu of foreclosure.

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