Bank of America came under some early criticism for not modifying as many loans as they could under the Home Affordable Modification Program.
However, they, like other lenders, have been increasing their output as more effort is made to increase system efficiency.
Recently, we saw a great result from Bank of America under the government program.
This particular homeowner had a fairly typical experience with for those that obtain a loan modification. Her offer came within just under four months. While this may seem like a long time, it’s probably a little faster than most.
Her patience was recently rewarded with a significant monthly savings. With an original payment of $2,700 and an interest rate at 8.99%, there was some fear of not being able to keep up even though she had not yet missed a payment.
As of this morning, she is now saving $804.57 per month on her new payment of $1,539.98. Like all Making Home Affordable modifications, she will have to make that payment for three months on a trial basis before the modification will become permanent.
We’re very happy for her and her family and hopeful that this significant savings gives them the right amount of financial relief in these turbulent times.
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