BofA modifies 12,700 mortgages under government HAMP program

February 16, 2010 by · Leave a Comment
Filed under: Industry News 

Good to hear some homeowners are getting a reduction in their mortgage through the HAMP program.  Problem is they need to really ramp it up because a total of 25,000 homeowners are a drop in the bucket.  Still it is good to see some movement with BofA on trying to address these underwater mortgages to give the borrowers incentive to stay in the home.

Reuters – Bank of America  has permanently amended home loan terms for more than 12,700 borrowers under the Obama administration’s main mortgage modification program, the bank said on Tuesday.

The figure is quadruple the number released by the bank in mid-January, when it said it had completed 3,200 mortgage modifications under the Home Affordable Modification Program, or HAMP.

Another 13,700 borrowers are in the last steps before becoming permanent modifications, it said.

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