BofA Nears 33K Permanent HAMP Mods

Posted by Orb Staff on April 12, 2010 No Comments
Categories : From The Orb

Bank of America has placed nearly 33,000 homeowners into completed mortgage modifications under the Home Affordable Modification Program (HAMP), including more than 12,000 since the previous monthly report.

‘We anticipated the momentum of completion of HAMP modifications would build as we entered spring, and we're seeing that,’ says Jack Schakett, loss mitigation strategies executive for Bank of America. ‘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.’

According to Bank of America's monthly report of HAMP progress to the Treasury Department as of April 8, 32,900 customers completed the entire process and now have a permanent HAMP modification – up from 20,666 reported a month earlier. More than 12,200 reached permanent status since the previous report, making this the bank's most productive month to date.

Starting April 1, Bank of America began extending Second Lien Modification Program modification offers to homeowners who have completed first-lien modifications under HAMP. The 2MP offerings precede the full implementation of 2MP operation systems at the federal level, Bank of America says.

SOURCE: Bank of America

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