More Than 72,000 Through Government’s Home Affordable Modification Program
CALABASAS, Calif. (LoanSafe.org) – Through the first half of 2010, Bank of America has completed mortgage modifications providing homeownership retention solutions for about 160,000 homeowners who face difficulties in making their monthly payments due to economic conditions. That brings the bank’s total of modified home loans to 650,000 since January 2008.
The upcoming Home Affordable Modification Program (HAMP) performance report from the Department of Treasury is expected to show Bank of America continues to lead all servicers with more than 72,000 permanent HAMP modifications completed through June, up from 63,000 reported by Treasury the month before.
“Although our total HAMP modifications slowed this month compared to previous periods, we had a particularly strong month in completing proprietary modifications outside of HAMP,” said Rebecca Mairone, default servicing executive for Bank of America Home Loans. “This included solid performance in providing alternative solutions through our second look program to homeowners who did not qualify for a permanent HAMP modification.”
The bank completed nearly 17,000 non-HAMP modifications in June, bringing the total for the year to nearly 88,000. Since January 2008, close to 580,000 proprietary modifications have been completed for Bank of America Home Loans customers.
“We continue to work through our remaining inventory of ongoing active HAMP trial modifications to complete underwriting reviews and make determinations on customers’ eligibility for permanent solutions. Simultaneously, since mid-April, we have been implementing a revised government policy requiring full documentation and underwriting of new trial modification plans,” Mairone noted. “During this transition period, we anticipate a slower rate of growth in the number of completed HAMP modifications.”
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Contacts
Bank of America
Reporters May Contact:
Dan Frahm, Jumana Bauwens or Rick Simon, 1.800.796.8448
pressroom@bankofamerica.com
I am so disgusted with Bank of America and all of their ads claiming to be helping more homeowners than and other servicer with regard to loan modifications! We have applied for a modification x2, the first time my husband was told he did not qualify via telephone only to find out later that an official denial is required and that our information was never even sent to an underwriter, it was a “collector” in the home retention dept that told he he didn’t qualify and set him up on a repayment plan, of which triggered my husband to take every penny we had as well as borrow money and pretty much ruin Christmas to bring the loan current because we cannot afford our regular payment, let alone an additional $500 per month where this guy said he’d help my husband out to get current because we had fallen behind while waiting for a response to our application. Then in Feb we received a letter outlining our “Trial Period Payment”, we thought this was an answer to our prayers, we have been paying the “Trial Payments” since March 1st and still are being called by collections, most of the time they don’t see that we are in a “Trial Period”, we still have not been assigned a negotiator nor have we been to underwriting AND on at least 5 occasions since May, when our mortgage first fell behind due to the difference in trial payments and our regular payment, a collector from BOA has tried to tell m y husband the exact same thing the guy did in Novemember. They have tried to say we are not qualified when NOTHING has even been done to further process our application. This is the most frustrating experience of a lifetime and if BOA is the leader for mods, my heart seriously bleeds for ANYONE WORKING WITH A WORSE LENDER because I cannot believe it could be worse than this experience. No dept has ANY CLUE WHAT ANY OTHER DEPT IS DOING AT BANK OF AMERICA!!!! All this positive press I see and hear about them makes me want to PUKE!! They are not trying to help us, they are doing everything they can to AVOID helping us!! Thank you! I JUST NEEDED TO VENT!!!!!!!
Lisa(Quote) (Reply)
Like or Dislike:
0 
0
Lisa…..I agree. My situation is similar and frustrating. And your right, there is no department communication – no intre-business connection what-so-ever regarding any of the funds they receive. If you go to a branch, you cannot make a modified payment. If you make a modified payment to the address required it is not processed or accurately noted on your statement, which by the way is typically received weeks after the expected paid date, received on the 12th, dated the 5th, for the first on the month??? If you speak to one department you are in default, and yet you’ve been current on the modified payments, and the person in that department can see that your current? So by attempting a modification without ever being in default before entering, by the time the trial period is up, you are behind, now in default and now in limbo…it’s the limbo that’s so frustrating, because you have no idea whether or not it’s going to happen. Or for that matter “what” is happening? and no one at BoA know either!!!
At this point we started in Feb/March, received a letter in June that we were not eligible because our loan was paid on June 3rd?, sent in a appeal which we have yet to receive a response to, and Saturday we received a letter of intent to accelerate with of course inaccurate numbers posted because it did not reflect our October payment. Limbo…
The only thing I disagree with is that I have not heard or read anything positive referencing BoA. I see where numbers were posted regarding the number of mods allegedly completed, but just like the numbers on my statements, I’m inclined to believe they are inaccurate. If ANYONE has had a positive experience, I would love to hear from you. It would be refreshing news
Kim(Quote) (Reply)
Like or Dislike:
0 
0
Well, I would love to tell you about a positive experience with BofA—and Countrywide– but my story has been two years of a nightmare starting with truth-in-lending violations and loan-flipping all the way to spending 8 months in the Trial program, then denied because of failure to pass the NPV.
I filed suit 18 months ago and my court date is approaching. We are asking for a 50% principal reduction, a monetary award for physical and emotional damage, and discrimination against the permanently disabled.
While negotiation are underway, it is my hope that I have ‘my day in court’ instead, and be able to articulate the horrors this federally-regulated financial institution has perpetrated.
Good luck to all.
john(Quote) (Reply)
Like or Dislike:
0 
0