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Bank of America - HAMP Home Affordable Loan Modification Program Process - What is Going On ?

America's Homeowners have growing concerns following the recent reports that Bank of America has only Permanently Modified a few home loans under Obama's government Home Affordable Modification Program HAMP. The media is now scrutinizing Bank of America's recent performance with the program and so are the many homeowners who are waiting on pins and needles for a response to their request.


Bank of America has now made a new commitment to Improve the Customer Experience, lets hope so because so many customers are complaining about the lack of knowledgeable and consistent answers when they call in. I am not sure if the executive team is aware of how difficult it is for homeowners to get the correct answers.

Bank of America claims to have made a corporate commitment and announced that they have taken some major steps to work with borrowers on their eligibility for Obamas Home Affordable Modification Program HAMP and do their best to work with homeowners and improve the level of service homeowners receive.

These are some of the ways they intend to accomplish the above :
  • Bank of America intends to Increase default/loss mitigation staff to 13,000.
  • Their plan includes a reassignment several hundred mortgage loan officers to serve in the capacity of case workers to assist homeowners convert from trial to permanent modifications.
  • Bank of America will launch a home loans assistance Web site this year that has the capacity to give home loan customers the simplicity of online access to be able to get answers to their loan modification process questions.

In addition, in an effort to reach unresponsive or difficult to get a hold of borrowers Bank of America plans to implement a door-to-door campaign in the hopes to obtain the necessary documentation to offer a trial Home Affordable Modification Program HAMP. Bank of America is participating in over 200 community outreach events. They are sponsors for several community programs and they are piloting a Customer Assistance Center in Brea, CA to offer face to face counseling for mortgage, home equity loans, personal loans as well as credit cards.

The key to working with Bank of America is to have a solid organized financial package put together, have a lot of patience, and do not give up. Keep calling, and escalate when necessary. Stay calm and be nice to the person on the other end.


Author: Craig Jone
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