As of April 8, Bank of America® has modified more than 12,200 additional mortgages over the last month, resulting in the bank’s best monthly performance under the government’s Home Affordable Modification Program (HAMP). The numbers from the past month bring the total to 33,000 homeowners who have completed HAMP mortgage modifications through Bank of America®.
More Homeowners Seeking Help
Bank of America® loss mitigation strategies executive Jack Schakett anticipated the accelerated rate of completion of HAMP mortgage modifications as the spring season arrived. “As more homeowners have completed their required trial payment period and provided the information necessary for underwriting, an increasing number of Bank of America® customers are receiving long-term assistance through the government initiative and the efforts of our associates.”
Over 560,000 Mortgage Modifications Completed
Since January of 2008, Bank of America® has completed over 560,000 mortgage modifications through all programs aiding struggling homeowners (approximately 33,000 through HAMP and nearly 535,000 through proprietary programs). One of BofA’s programs was its National Homeownership Retention Program in October 2008 to help former customers of Countrywide who were carrying risky loans. Although the largest bank in the U.S. is providing plenty support for troubled homeowners through its own programs, Bank of America® claims that the government’s Making Home Affordable Program is its primary focus.
HAMP is a part of the Obama administration’s Making Home Affordable Program with the goal of helping struggling homeowners avoid foreclosure through mortgage modifications. Over one million homeowners have benefited from the program and up to 4 million homeowners are expected to have participated by 2012.