Bank of America has announced that it has completed more than 70,000 permanent modifications under the federal government's Home Affordable Modification Program (HAMP), converting more than 16,000 homeowners from trial to permanent contracts in the past month. The bank now has provided more than 630,000 modifications to financially distressed homeowners through all programs since January 2008.
"Bank of America continued to make significant progress in converting HAMP trial modifications to completed modifications last month," said Rebecca Mairone, default servicing executive for Bank of America Home Loans. "However, we do not expect these modifications will be fully reflected in the Treasury department's monthly progress report because of issues that we experienced in uploading some files to the computerized reporting system."
It is likely that more than 7,000 permanent modifications were not recorded as complete. As a result, the Department of Treasury's report for May 2010 is expected to reflect only about 63,000 permanent HAMP modifications by Bank of America through May. The electronic reporting impasse has no impact on these homeowners; their HAMP permanent mortgages are already in effect and providing them with the benefits of long-term affordable payments.
The HAMP remains at the center of Bank of America's efforts to keep financially distressed homeowners in their homes. For customers who don't qualify for the government's program, the bank may consider a wide range of proprietary modification programs or individualized solutions. Overall since January 2008, Bank of America has accomplished more than 560,000 mortgage modifications outside of the HAMP and without federal government incentives, including nearly 71,000 non-HAMP modifications so far this year.
For more information, visit www.bankofamerica.com.