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Digital News Report – Bank of America announced that 70,000 homeowners have completed the Home Affordable Modification Program and have become permanent home loan modifications. There was 16,000 homeowners that were converted from a trial to a permanent modification last month with the government run HAMP program. Currently Bank of America has provided 630,000 home loan modifications through HAMP to homeowners that were in trouble since the program started in January of 2008.
Bank of America said that the Treasury department might not fully reflect the 16,000 permanent modifications because of a problem they experienced when uploading some of their files to the government reporting system. They said that the number that the Treasury will for last month will be around 7,000 permanent home loan modifications, with 63,000 permanent HAMP loan modifications altogether.
Bank of America said that Obama’s government home loan modification program, HAMP, has been helping many struggling homeowners. The HAMP program works to refinance a mortgage loan to have lower monthly payments based on your monthly income. They also say that those customers that have mortgage loans with them and are not able to qualify for the home loan modification that other options are available. Bank of America has had 71,000 non-HAMP modifications so far this year for those that didn’t qualify for the government program.
By: Victoria Brown
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