Bank of America has completed the highest number of trial mortgage modifications under the federal governments Home Affordable Modification Program (HAMP). In addition to this government program, Bank of America is also providing its customers help from it own home loan modification programs. They can provide short-term relief, waive fees, reduce principal and interest rates, or offer other foreclosure prevention tools that may address the homeowners personal situation. They are doing everything they can to prevent a foreclosure.
The bank has been responsible for about one in five HAMP modifications. By the end of November, BOA has offered more than 160,000 customers modifications from the HAMP trial modification program.
In addition, according to government reports, Bank of America is also the leader in the Home Affordable Refinance Program (HARP). This is another one of the resources offered, and is a main component of the Making Home Affordable initiative. They were the first bank or lender to offer HARP loans and modifications. To date, over 100,000 homeowners who were struggling with their payments have received assistance from either the improved and enhanced loan-to-value ratios or the streamlined processes of the HARP program.
In total, they have provided mortgage and foreclosure relief to more than 700,000 homeowners. Most of these homeowners had their homes saved and the programs helped prevent a foreclosure. Over 450,000 customers received help directly from Bank of America and the programs they oversee themselves while the balance receive support from government resources.
As indicated above, some of the solutions offered by BOA will include mortgage modifications, forbearance, fee waivers, principal reduction, and more. In addition, more than 160,000 families were assisted from the HAMP program. And as indicated above, an additional 100,000 were aided from HARP.
According to a leading executive from the credit loss mitigation department at Bank of America, they are strongly committed to providing both short term and long-term solutions to help struggling individuals and families remain in their homes. By using a combination of the federal governments Home Affordable Modification Program (HAMP), resources such as HARP 2 and their own programs and resources, BOA continues to aggressively reach out to and assist as many homeowners as possible.
Some of the other resources being offered by BOA include:
Through both these various government programs and others that they administer themselves, Bank of America said it has provided almost $250 billion in foreclosure prevention relief and funds to refinance existing mortgages.
As the numbers show, you need to contact Bank of America to ask about a modification, forbearance, or learn about what other options they may have for you, as they are working with homeowners.
A new mortgage principal reduction program by BOA will forgive up to 30 percent of certain customers outstanding balance. This can potentially help tens of thousands of homeowners across the nation who are currently upside down on their mortgage.
BOA has a customer service group that was created to explore all solutions with customers. Agents and counselors are available over the phone, and homeowners who are currently behind on their mortgage or who expect difficulty in the future should not hesitate to call. Find information on Bank of America home loans assistance.
BOA can offer certain homeowners forbearance, which can suspend or lower their mortgage payments for a defined period of time. While this is a short term solution, it can provide borrowers time to get back on track. Learn more.
Bank of America has opened dozens of centers in most major cities across the United States. The locations provide homeowners with an opportunity to meet with a housing counselor/loan modification specialist. These personal meetings can really speed up the loan modification process, and individuals can either get immediate relief, or they will learn that they need to explore other alternatives. Click here to get more information on Bank of America mortgage help and customer support centers.
Whether you are an active duty military member, or a veteran, Bank of America may have an assistance program available for you. A dedicated team of customer service representatives has been created to support those who have served our county. The lender is offering qualified borrowers loan modifications, principal reductions, free credit counseling and other support. Many military members are also qualifying for reduced interest rates on their home loans. Read more.
To learn more about these or other resources or programs, call Bank of America at 1.800.846.2222 and ask about their foreclosure prevention and mortgage assistance programs.
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