Bank of America Leading Bank for Modified Mortgages

Bank of America Leading Bank for Modified Mortgages

Bank of America continues to be the industry leader in completed Home Affordable (HAMP) mortgage modifications.  Through the end of July, the company had processed more than 76,000 completed modifications through the government program.  Additionally, nearly 100,000 customers of the bank had received mortgage modifications through other programs, including programs run by the bank itself.

New requirements to the HAMP program now require mortgage holders to provide documentation pertaining to their debt to income ratio.  The requirements have slowed the process for homeowners to receive a modified mortgage aimed at increasing home retention.  The new requirements requiring proof of income has also increased the number of homeowners ineligible for the program.

Bank of America has used a variety of modified loan programs to complete more than 665,000 home loan modifications since January of 2008.  Nearly 590,000 of those modifications have come from Bank of America initiated programs. 

The bank says that it is committed to helping as many homeowners retain possession of their homes as possible.  However, from time to time there is no way for a homeowner to be able to stay in the home.  Seeking to meet the needs of those in dire circumstances, Bank of America has helped facilitate over 25,000 short sales in the second quarter of 2010.  They have also been able to offer assistance with relocation costs for some out of luck homeowners.  The bank said that giving people a dignified way out from under their mortgage was a goal they are committed to continuing.

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