BofA to Reduce Principal in HAMP Mortgage Modifications

Since the start of 2008, BofA has modified nearly 615,000 mortgages, including 160,000 trial modifications through HAMP and more than 450,000 completed modifications through non-government programs.

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Seattle, WA: A consumer banking deceptive practices class action lawsuit has been filed alleging that Bank of America (NYSE:BAC) created and headed an illegal enterprise designed to defraud homeowners seeking loan modifications as part of the government’ Home Affordable Modification Program, or "HAMP."

payments, and may lose deferred principal reduction benefits, although their HAMP modifications may remain in place. iii See OCC, Mortgage Metrics Report, "mortgage performance improved During the Second Quarter of 2015," 10/2/2015, www.occ.

Bank of America Home Loan Modification. We offer different modification programs that may lower your monthly mortgage payments to help you avoid foreclosure. Learn more. Home Equity Assistance. If you have a Bank of America home equity loan or line of credit, a home equity loan modification may.

Loan modification, Principal reduction alternative Bank of America is sending. "To the extent principal reduction and other modification tools help us turn mortgages headed for possible foreclosure into long-term performing loans, it will be.

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HAMP Participants Are Now Eligible for an Additional $5,000 in principal balance reduction. As it stands, borrowers taking part in HAMP who stay good on monthly payments can earn up to $5,000 in principal balance reduction over the first five years of their modification. But now HUD and the Treasury are sweetening the deal.

If the principal balance on the loan has grown because the borrower selected an option to make payments that did not cover the interest due and this payment difference was added to principal – known as negative amortization – the bank will consider offering a HAMP modification eliminating the negative amortization feature and forgiving all or part of the negative amortization amount to reduce principal to as low as 95 percent LTV.

call 1-800-7Fannie to report the issues, complaint and appeal you have first tried desperately to work with Bank of America on your HAMP loan modification. Fannie Mae is administering the program for the Treasury Department and you need to involve them to help you work to resolve the issue.

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