Bank of America (NYSE: BAC) announced on December 7th that they had provided mortgage relief via concluded and trial modifications to more than 600,000 homeowners since January of 2008 in a statement.
Bank of America’s head of credit loss mitigation strategies, Jack Schakett, commented in the statement, “At Bank of America, we remain focused on providing long-term solutions to help distressed customers sustain homeownership.” He continued, “Through the government’s Home Affordable Modification Program (HAMP) and our own programs, we are moving aggressively to assist as many homeowners as possible.”
The Obama administration recently placed pressure on some of the largest banks to increase their modification efforts for homeowners that have gotten behind on their mortgages. Specifically, the administration was concerned about the number of trial modifications that had been converted into permanent modifications.
“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,” said Schakett.
Bank of America has said that it will continue to work with borrowers that cannot meet the requirements of the Home Affordable Mortgage Program using its own mortgage modification programs to offer short-term relief to homeowners
