Homeowners who are in need of debt consolidation are continuing to save money by refinancing their mortgage in March through the government’s Home Affordable Modification Program, according to new data from Bank of America.
The latest information from the national bank, which was released on Monday, shows that Bank of America completed the mortgage modifications for 12,200 more homeowners than in the previous month’s report.
In total, the bank has adjusted 32,900 mortgage modifications through the nation’s HAMP program as of April 8, and 560,000 modifications since January 2008 through various adjustment programs.
"We anticipated the momentum of completion of HAMP modifications would build as we entered spring, and we’re seeing that," said Jack Schakett, a loss mitigation strategies executive for Bank of America. "As more homeowners have completed their required trial payment period and provided the information necessary for underwriting, an increasing number of Bank of America customers are receiving long-term assistance through the government initiative and the efforts of our associates."
Across the country, more than 190,000 mortgages have been refinanced through the HAMP by ll types of banks since its inception.