February 1, 2012
Loan modification to become available for more homeowners under the expanding Home Affordable Modification Program
The U.S. Department of the Treasury has announced enhancements to the Home Affordable Modification Program (HAMP), a federal government program established in 2009 to help provide mortgage assistance for homeowners. The expanded program will allow more homeowners to qualify, providing additional aid to mortgage customers in need of assistance. The program will also be extended an additional year until December 31, 2013. As a participant in the Making Home Affordable program, Bank of America will offer this enhanced Home Affordable Modification Program to our homeowners as soon as it is available.
To help more homeowners qualify, the program will provide an expanded evaluation for homeowners with additional debt, such as a home equity loan or line of credit. This may allow borrowers with a greater amount of debt, to modify their first mortgage. Eligibility will also be expanded to include residential rental properties.
At Bank of America, we are committed to making government and proprietary home loan assistance solutions available as quickly as possible. As soon as these updates to the government’s Home Affordable Modification Program are in place, we will begin offering these enhanced programs to all qualified customers. Please keep checking back here for complete details about when these program enhancements will be available.
If you are experiencing a financial hardship and are struggling to make your mortgage payments, please contact us right away at 1.800.846.2222. The sooner we understand your situation, the sooner we can explore all of the options that may be available to you.
