Bank of America Loan Modifications Increase 51% in October

By Kyle Chezum Updated on 11/18/2010

11/18/2010

Bank of America modified the mortgages of about 25,000 homeowners in October, a significantly higher number than the 16,500 mortgages it modified in September.  Bank of America has come under fire for its readiness to foreclosure rather than offer modification options, and its new focus on modifications may be a sign that the bank is trying to repair its public image.

Most of the modifications were proprietary modifications offered by Bank of America.  About 2,600 mortgages were modified through HAMP.  This shows a decrease in HAMP modifications and a massive increase in proprietary modifications, a sure sign that Bank of America is trying to work with borrowers on its own terms.

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