More and more people are falling behind on their mortgage payments and foreclosure continue to happen left and right, but some people have actually been helped.
Bank of America announced that it has surpassed its previously stated milestone of helping at least 125,000 financially distressed homeowners begin trial modifications through the federal government's Home Affordable Modification Program (HAMP) by November 1.
The company has initiated nearly one in five HAMP trial modifications industry wide since the program's launch in late April. Since beginning its HAMP outreach efforts, the bank's homeowner ship retention division has contacted nearly 600,000 potentially eligible homeowners to ascertain their interest in HAMP and has extended more than 200,000 offers of trial modifications under the program.
"Bank of America associates are working tirelessly to keep as many customers in their homes as possible, and we have established clear momentum in providing trial modifications under HAMP," said Jack Schakett, Credit Loss Mitigation Strategies executive. "We are helping our customers complete trial modifications successfully, convert to permanent modified loans under the program and get back on the path to successful, sustainable homeownership."
Schackett noted that the bank began driving significant gain in trial modification starts in August. On that basis, the conversion of customers into permanent modifications under the program is expected to begin sowing substantial progress in November, which will be reflected in December program reporting.
In addition to its active participation in HAMP, Bank of America was among the first lenders to offer refinancing under the Home Affordable Refinance Program (HARP). To date, Bank of America has provided HARP refinancing to approximately 95,000 homeowners. That is the most customers any bank, representing nearly 30 percent of the industry total.
Have you had your mortgage modified? Or did your bank turn you down for a modification?
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