Through the Home Affordable Modification Program SM (HAMP ), you could earn up to $10,000 in principal reduction just for making your mortgage payments in full and on time-up to $1,000 per year for the first five years and a $5,000 one-time payment at the end of year six. After year six, you may be eligible to recast (or re-amortize) your reduced mortgage balance to further lower your monthly mortgage payment for the life of the loan.
Since the start of 2008, BofA has modified nearly 615,000 mortgages, including 160,000 trial modifications through HAMP and more than 450,000 completed modifications through non-government programs.
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American home mortgage servicing loan modifications American. After: Borrower received a 3 month HAMP trial plan. His new.. Lender: Bank of America – [ID: #0001](Click Here To View PDF). Upon completion of the trial loan modification, the client will be granted a mortgage principal reduction of $90,294.65.
The bank and mortgage lender estimates it will be able to offer principal reduction solutions to 45,000 borrowers, representing $3 billion in total reduced principal. Bank of America is also extending its National homeownership retention program (its own loan modification program) for an additional six months to December 31, 2012.
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If you are employed and having trouble in making your monthly mortgage payments then Bank of America Loan Modification HAMP might be able to provide you with financial support. HAMP is a loan modification program that helps you modify your current mortgage loan, helping to lower your monthly mortgage payments.
payments, and may lose deferred principal reduction benefits, although their HAMP modifications may remain in place. iii See OCC, Mortgage Metrics Report, "Mortgage Performance Improved During the Second Quarter of 2015," 10/2/2015, www.occ.
Until now few banks had used principal reductions in a significant way in loan modifications. One of the few exceptions was Wells Fargo that reduced principal balances by $2.6 billion last year. The fact that BofA, the biggest lender in the country, and one of the worst loan modification performers until now, seems willing to make innovative steps sets the scene for a brand new loan modification initiative.
On average, the program states that homeowners save approximately 0 per month on their mortgage payments through a number of loan modification options. HAMP can adjust your interest rate, extend your loan term, reduce your principal balance, or place the loan in forbearance.