Bank of America increased its total completed Home Affordable Modification Program (HAMP) modifications to more than 76,300 through July – up from approximately 72,000 at the end of June. Nearly 100,000 Bank of America customers have received modifications outside of the government program this year, the company adds.
Reflecting conversions to permanent modifications, cancellation of non-qualifying modifications and a slower influx of homeowners entering the trial period, HAMP active trial modifications at the nation's largest servicer continue to decline, falling to fewer than 85,000 at the end of July.
In July, underwriting was completed on the first permanent Second Lien Modification Program modifications and the packages are being mailed to the homeowners this week, the bank adds.
The bank also completed 25,000 short sales in the second quarter, explaining that it has been fully operational in the government's Home Affordable Foreclosure Alternatives program since April.
SOURCE: Bank of America