BofA Leads Industry in Completing Home Affordable Modifications

The number of permanent Home Affordable Modification Program (HAMP) mortgage restructurings completed by Bank of America through July has reached more than 76,000, a number that BofA says continues to lead the industry.

In addition, nearly 100,000 Bank of America customers have received non-HAMP modifications this year, including many that did not qualify under the federal program.

“When a customer is found to be ineligible for HAMP or falls out of a trial modification, we consider an alternative

home retention program and, if no viable solution is available, a dignified exit from homeownership,” said Rebecca Mairone, default servicing executive for Bank of America Home Loans. “HAMP guidelines are quite specific with regard to the debt-to-income ratio, owner-occupancy, trial payment performance, and other requirements. But in many cases, we may be able to provide these customers with other homeownership retention solutions, subject to the mortgage investor’s guidance and approval.”

According to a statement from Bank of America, home retention is the company’s first goal, but it is enhancing programs that provide borrowers with a dignified exit from homeownership when retention options are no longer a possibility, such as using short sales or deeds-in-lieu with possible relocation assistance costs.

During the second quarter of this year, the North Carolina-based company says it completed 25,000 short sale transactions as alternatives to foreclosure for struggling homeowners.

Since January 2008, Bank of America has completed more than 665,000 mortgage modifications through all programs, including 590,000 via proprietary solutions, according to the company.


There are no comments yet. Be the first and leave a response!

Leave a Reply

Wanting to leave an <em>phasis on your comment?

Trackback URL