Bank of America Sees Increase in HAMP Loan Modifications
Information made public in the early stages of September has indicated that Bank of America (NYSE:BAC) saw a marked increase in the number of active permanent loan modifications for the government’s Making Home Affordable Program for the month of July. Bank of America is one of the largest US services dealing with homeowners struggling with financial difficulties, with many continuing to run into difficulties wit various aspects of the modification process.
BoA saw their active modification numbers increase for the month of June-July from 127,355 to 132,763, though it has also been made clear by the Treasury Department that the lender is still in need of substantial improvements when it comes to their handling of modifications. As it stands, the Treasury has withheld incentives until certain improvements are made within HAMP, as there have been examples where income calculation errors have worked against the lender.
Several major lenders have continued to relentlessly pursue foreclosures across the US, leaving countless homes sitting vacant and contributing to the devastated housing market that is showing little sign of recovery. While some buyers are absorbing some of the dormant inventory, this is by no means enough to rebalance the situation as it currently stands.
While the lenders are once again being urged to look at their own operations, homeowners too are being advise to consider their own circumstances and seek assistance as early as possible, as the sooner their financial troubles are highlighted and addressed, the better the chances of an amicable outcome without the need for foreclosure.
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