WT Lee & Associates Weighs in on New Efforts to Resolve Mortgage Complaints

PHILADELPHIA, PA, May 20, 2013

According to a recent article from Credit Unions Online, home mortgage lenders--among them big banks such as Bank of America--are getting hit hard by consumer complaints, a finding that comes as no great surprise to the legal team of WT Lee & Associates. WT Lee & Associates, a law firm that seeks to help homeowners obtain loan modifications and avert foreclosure, has long maintained that banks and big lenders are negligent in their efforts to truly assist struggling borrowers. WT Lee & Associates has issued a new statement to the press, commenting on the Credit Unions Online report and on home loan complaints in general.

"Time and time again we find the same thing, which is that the big banks are leading in complaints because they make mistakes that lead to their customers losing their homes," the firm states. "This includes not giving homeowners the modifications they deserve."

Indeed, Credit Unions Online notes that consumer complaints are at an all-time high. The Consumer Financial Protection Bureau (CFPB) has reported that major lenders such as Bank of America have received record-setting volumes of consumer complaints, stemming from mortgage-related issues. Current consumer complaint levels are at the highest point since the CFPB set up its database in 2012.

While these consumer complaints address various issues, the CFPB has stated that the majority of its consumer complaint listings center on mortgages--in particular, foreclosures and threats of foreclosure. Of 90,000 total complaints, 55 percent of them relate to mortgages, which the CFPB says is an "indication of the problems banks face in response to a surge in foreclosures."

Bank of America is the lender that has logged the most complaints, with 15,000 total since the end of 2011. Wells Fargo has 8,000 documented mortgage complaints, while J.P. Morgan Chase has 5,000.

Recent data also suggests that the origin of most consumer complaints is payment difficulty. 61 percent of the total mortgage complaints received by the CFPB center on a borrower's inability or difficulty in meeting regular mortgage payments. Many of these borrowers are zealous for working with their lenders to obtain alternatives to foreclosure, such as the home mortgage modifications that WT Lee & Associates specializes in.

The law firm of WT Lee & Associates works with borrowers across the country, assisting them in fighting for their rights and obtaining help on their home mortgage payments; the firm's goal is to help its clients make their payments and remain in their homes.

ABOUT:

WT Lee & Associates is a legal firm that endeavors to help homeowners remain in their homes, even through periods of financial hardship. The firm offers a number of foreclosure prevention services, among them guidance through the loan modification process. Additionally, WT Lee & Associates provides services in real estate litigation, in bankruptcy law, and in upholding the rights extended through the Fair Credit Reporting Act and the Fair Debt Collection Practices Act. Ultimately, the firm's passion is for working to help homeowners and their families find the best way forward out of economic uncertainty, and toward reaching all of their financial dreams.