The Florida Attorney General's Office says it has fielded 486 complains about Bank of America and a company it took over, Countrywide - more than it has about any other lender. Many of the gripes are from homeowners who have been unable to get modifications despite repeated contact with customer service reps who lose paperwork, give conflicting information or ignore them altogether.
A year ago, the Treasury Department announced the Home Affordable Modification Program, aimed at helping up to 4 million at-risk homeowners avoid foreclosure by reducing their monthly payments. Banks receive $1,000 for each modification and up to $1,000 a year, for as many as three years, as long as the borrower remains current on payments.
Even with those incentives, Bank of America has ranked near the bottom when it comes to modifying loans for homeowners delinquent at least 60 days. Through January, 22 percent of the bank's eligible borrowers had received permanent or three-month trial modifications, compared to 38 percent for J.P. Morgan Chase and 50 percent for GMAC and CitiMortgage.