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Bank of America Mortgage Modifications Increase to 680,000

""Bank of America"":http://www.bankofamerica.com reports that it has provided mortgage modification assistance to more than 680,000 homeowners since January 2008, 79,859 of which have been completed through the administration's Home Affordable Modification Program (HAMP).

According to the North Carolina-based company, it leads the industry in HAMP modifications.


""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.

Mairone added, ""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.""

Bank of America states that it may pursue other foreclosure prevention initiatives, including second-look modifications, if a homeowner does not meet the qualifications for a permanent HAMP modification.

Bank of America, which is fully operational in the government's Home Affordable Foreclosure Alternatives (HAFA) short sale-deed in lieu (DIL) program, also considers short sales or DIL if a modification program is not an option.

About Author: Heather Cernoch


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