Bank of America Corp. (NYSE: BAC) added 12,234 new customers to its total of completed mortgage modifications under the federal Home Mortgage Affordability Program (HAMP) during the month of March, the bank’s largest increase to date.
The Charlotte, N.C. based bank said that on Thursday, 32,900 customers have completed the modification process, up from 20,666 during the month of February.
“As more homeowners have completed their required trial payment period and provided the information necessary for underwriting, an increasing number of Bank of America customers are receiving long-term assistance through the government initiative and the efforts of our associates,” said Jack Schackett, a loss-mitigation strategies executive at Bank of America
The Home Mortgage Affordability Program is a federally sponsored initiative designed to loower monthly mortgage payments for homeowners that can no longer afford to make their payments.
To qualify for a loan modification, a borrower must first make a trial modification and make three consecutive monthly mortgage payments, then complete the documentation.
