Bank of America Leads in HAMP Modifications

The gorilla in the loan restructuring market is Bank of America.  The number of permanent loan modifications BOA has completed under the HAMP program is 76,000 through the month of July.  BOA has written over 100,000 non-HAMP modifications.  Altogether 665,000 loan modifications of one type or another have been completed by BOA since January 2008.

BOA claims that when a loan modification cannot be worked out it is enhancing its options for a “dignified” end to homeownership through Short Sale or Deed-in-Lieu of Foreclosure.

During the second quarter BOA completed 25,000 Short Sales.