Bank Of America Leads the Pack on Modifications

By
Real Estate Agent with The Alliance Group Real Estate Services 01298719

In the midst of negative criticism, the HAMP (Home Affordable Modification Program) approved 230,801 permanent Loan Modifications to date saving on average $500 per month per Home Owner.  Although market observers still note that this pace is too slow to make a significant difference, most Americans feeling the pinch wouldn't sneeze at $500 less out of their pocket at the end of the month.

Leading the pack of servicers on it are is GMAC, converting 48% or 17,102 of their trial modifications to permanent.  Next is CitiMortgage with 47% or 22,455.  But when you look at sheer numbers Bank Of America is the clear winner, completing 32,900 permanent Loan Modifications with 38,074 approved and awaiting acceptance by the borrowers.

Sometimes, receiving a Trial Program (sometimes referred to as Special Forbearances, or just plain or Forbearance usually lasting three months) doesn't guarantee that this payments going to stay after the trial ends.  Many Americans are excited to see a comfortable payment during the trial period, pay on time, and then on the fourth month find themselves having to go back to the higher previous payment.

The reason?  Because your bank needs a "reminder".  Loan Modifications don't just happen automatically.  There are 4 million struggling homeowners and 1.1 started HAMP trials. 

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If you on currently approved for a HAMP trial and are making your lower payments, get ready to get back on the phone again and make this lower trial permanent!  If you need help or have questions, visit http://www.WorkItOutAmerica.com/

There you can ask for a 15 minute Strategy Session at no cost and learn the tips and tricks to make your trial payment permanent and enlist the help of Attorney if you prefer.

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Rebecca Austin is the President and Broker of New Team Realty, Inc in Carlsbad California and is the Author of  Work It Out, a Tactical Guide To Negotiating with Your Creditors.   Not an Attorney, Rebecca works with Home Owners throughout California in person, through workshops, radio and television, and answers Home Owners questions regarding Loan Modification, Short Sale, Credit Improvement, Bankruptcy and Debt Consolidation. 

Visit www.WorkItOutAmerica.com for more information on your specific financial situation and get started today!  The sooner you start, the more options are available to you.

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Comments (1)

Chris Alston
Chris Alston (Keller Williams Realty, Silicon Valley, California) - Campbell, CA
Silicon Valley, California

Great info.  I like to see stats, so I printed this one.  Thanks!

Apr 19, 2010 04:56 AM