Bank of America (NYSE: BAC) announced late Monday that it has provided relief for more than 600,000 homeowners since January 2008 through loan modification efforts. The Treasury Department’s most recent Making Home Affordable Program servicer performance report showed that the bank was responsible for one in every five loan modification trials.
According to the report, Bank of America led all banks with 160,000 trial modifications and offers extended through the government’s Home Affordable Modification Program (HAMP).
The bank also said its own loan modification programs have made significant progress with more than 450,000 customers since January 2008 being helped, outside of its HAMP efforts.
Bank of America has taken several steps to aid in modification efforts, including the expansion of its default management staff to 13,000, along with launching a website in September dedicated to home loan assistance. That site can be accessed at the following address: http://homeloans.bankofamerica.com/homeloanhelp.
“As we focus on assisting our customers to successfully convert to permanent modifications, we are making extensive efforts – through phone, mail and face-to-face contact — to help our customers know exactly what documentation is required and the risks of not responding by the government’s program deadlines,” added Schakett in the press release.
The bank said it has completed modifications on 225,000 home loans so far this year.
Since January 2008 Bank of America has provided $215 billion in loan modification assistance.
