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Thu, 15 Sep 2011 09:48:00 AM

HAMP Loan Modifications On The Rise For Bank of America


The country has been hard hit by the current economic crisis and in few industries is it more evident than in the housing market. The number of vacant homes across the country continues to grow as a number of lenders are aggressively foreclosing on thousands of homes in the US.

In an effort to slow the mounting number of foreclosures, the Federal Government's Making Home Affordable Modification Program (HAMP) was introduced to ease the burden on homeowners who are struggling with financial difficulties. The program is designed to restructure home loans, reducing payments and helping these homeowners stay in their homes.

According to information released earlier this month to the public, Bank of America reported an increased number of active loan modifications through HAMP during July of this year with the total number of modifications handled by Bank of America rising from 127,355 in June to 132,763 in July. As one of the top lenders in the US handling the home loan modifications, Bank of America has also reported seeing a rise in the amount of homeowners who applied for home loan modifications but are experiencing difficulty with the loan modification process.

The Treasury Department has held back incentives to Bank of America pending a number of improvements by the lender in its method of completing the modifications and their ability to streamline the process. They also called for the lender to improve its accuracy in calculating borrower income after numerous errors were discovered in this area.

Lenders industry-wide are being urged to reevaluate their procedures in dealing with HAMP loans while homeowners are being cautioned not to put off getting assistance if they are struggling with their finances. Seeking early assistance is the most effective way to avoid foreclosure in many cases.

 

 

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