HOLT, Mo. - For Tim Craft, a home surrounded by acres of pasture and ponds is paradise. Craft and his wife Lindey bought the property north of Kansas City outside of the community of Holt several years ago.
"This is kind of a sanctuary. We really value it," Tim said.
Tim and Lindey Craft of Holt, Mo., say they have tried for years to get a lower mortgage interest rate through Bank of America. The bank is accused in a lawsuit of delaying loan modifications to customers. Call for Action helped the couple in their efforts to stay in their home.
In recent years, unemployment and back surgery put the couple behind in their mortgage. They tried to get a loan modification through their lender, Bank of America, to lower their interest rate, but getting a lower rate has been impossible, according to the couple.
"It’s very stressful, very frustrating, frightening. We've put a lot of work into this place out here," he said.
The Crafts are not alone with their frustration.
Recent reports detail a lawsuit against Bank of America filed on behalf of customers in 26 states alleging employees were told to lie to customers to delay the governments HAMP loan modification program so the bank could collect more fees. The suit also alleges the bank paid employees bonuses on the number of foreclosures initiated.
Bank of America denies the claims.
"We've tried multiple times to work with the bank, calling in once a week, once a month, you're always getting a different story from somebody," Lindey said.
Call for Action connected the couple with CHES, Inc., a HUD approved nonprofit which helps homeowners facing foreclosure.
“Our last meeting with this organization called CHES,Inc., was the first glimmer of hope that we had,” she said.
They may receive a modified loan with lower interest in 60 days.
Call for Action contacted Bank of America and received an email response this week saying, "We apologize for not reaching and notifying him (Craft) of a decision on his modification. We have asked a new customer relationship manager to reach out to Mr. Craft and expedite the processing of his request."
Call For Action will continue to follow this case.
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