Latest and Greatest on Bank of America

I have loan modifications on my desk now for officially 6 months and they’re not even getting looked at now. Seems Bank of America has 2 departments. Eminent Default and Loss Mitigation. From what I gather Eminent Default is for people who are looking to modify but aren’t late on their mortgage while Loss Mitigation is for borrowers who are at least 1 month late but I’ve heard need to be as long as 3 months past due. Maybe someone out there knows or does any one really care. Seams the latest stats about successful modifications aren’t very promising. Percentage approved are under 6% for all mods submitted. That’s industry not just B of A. Mods that actually stick, in other words get approved with the borrower actually making the new payment are under 50%. Either way its an uphill battle. Here come the Short Sales.