Bank of America Mortgage Modifications Increase
Industry Leader in Home Affordable Modifications With Nearly 80,000 Completed Through August
September 21, 2010 01:33 PM Eastern Daylight Time
CALABASAS, Calif.--(EON: Enhanced Online News)--Bank of America has provided mortgage modification
assistance to more than 680,000 homeowners, including an industry-leading 79,859 completed modifications
through the government’s Home Affordable Modification Program (HAMP) through August and more than 600,000
through the bank’s proprietary programs since January 2008.
“We continue to help thousands of homeowners through the HAMP and the use of other programs when customers
are not eligible for a government-supported modification,” said Rebecca Mairone, default servicing executive of
Bank of America Home Loans. “Our HAMP results in recent months show a reduced number of customers starting
new trial modifications, due mainly to the implementation of a full documentation requirement. As a result, we are
seeing a smaller increase in completed HAMP modifications month-over-month at this time.”
When a homeowner is found to be ineligible for a HAMP modification, Bank of America may pursue other
foreclosure prevention initiatives.
Second-look modifications may be offered to homeowners who do not meet the qualifications for permanent HAMP
modifications but have demonstrated the willingness and ability to sustain more affordable payments.
If no modification program fits the customer’s qualifications or the customer has made a decision to transition from
homeownership, Bank of America will consider a viable short sale or deed in lieu (DIL) ahead of completing
Bank of America is fully operational in the government’s Home Affordable Foreclosure Alternatives (HAFA) short
sale-DIL program. In addition, the bank has developed a streamlined cooperative short sale approach for
homeowners who have been considered for a modification and HAFA and did not qualify.
As part of its support fo