I don’t know if you picked up on it. It was really subtle. What am I talking about?
One of Bank of America’s Recent Money And Main Street Commercials
I was watching the late night news here in Chicago in early September. One of the commercials that came on was a Bank of America Money And Main Street commercial. Evidently they have teamed up with CNN and Money magazine on a series of commercials.
The one I am talking about shows a brief clip of a priest in California who has been working to help people in his church save their homes from foreclosure. At the end of that clip it refers the person watching it to www.CNN.com/MoneyandMainStreet. Right after that there are a series of people who I assume are Bank of America employees talking about the mortgages they help people get.
Bank of America’s Spin
What caught my attention was that Bank of America was putting a spin on the truth. By showing the clip of the priest and the work he was doing they are implying that they are doing all they can to help their customers who are facing foreclosure save their homes. By tying in how their employees help people get the correct mortgage for their situation they are implying that they are totally ethical in the way they loan money and that they have not put any people in mortgages they could not afford.
I am sure that all of their employees have not always been so ethical. Some of Bank of America’s employees have had to place customers in mortgages they could not afford. They had to know this while they were working with them. There is no way this could not have happened.
More upsetting to me is the inference that Bank of America is doing all they can to help people who are facing foreclosure on mortgages they have with them save their homes. If you have been reading the posts on my blog, you have seen my most recent post on Bank of America’s performance in the Making Home Affordable Modification Program. They have only offered 7.2% of the estimated 796,487 people eligible loan modifications under the program. Does it look like Bank of America really cares about helping people save their homes? I am sure you would agree that
The Answer Is a Big No
If you have a mortgage through Bank of America and are facing foreclosure, please don’t expect them to go out of the way to help you save your home. Thus far their track record shows the opposite. Be prepared to have problems trying to work with them. Don’t try to deal with them yourself. Hire a lawyer or an expert in loan modifications to represent you. You need expert help when dealing with them.
I also suggest that you learn as much about the process and the steps you can take to save your home and protect your family. Late last year I wrote an EBook on the subject. You may want to check that out. You can find out more about it by clicking Stop Foreclosure.
Much Success,
Mark Elkins
