In the wake of recent reports that Bank of America has granted fewer number of permanent loan modifications under the HAMP under Bank of America Loan Modification Program, concern among homeowners in America has reached alarming levels. Besides, Bank of America's performance with the HAMP loan modifications has even raised everybody's eyebrows and the media seems to be scrutinizing it now. However, Bank of America has taken a few major steps to help borrowers in understanding the HAMP program guidelines much better.
In the wake of recent reports that Bank of America has granted fewer number of permanent loan modifications under the federally backed home affordable modification program (HAMP), concern among homeowners in America has reached alarming levels. Besides, Bank of America's performance with the HAMP loan modifications has even raised everybody's eyebrows and the media seems to be scrutinizing it now. Many struggling homeowners, who are faced with home foreclosures and have already furnished a request for the HAMP home mortgage modification with BoA, are now waiting to get a favorable response from America's leading banking institution.
Most of the Bank of America loan modification applicants have complained about lack of proper information and inconsistency in replies given by the bank representatives. Nevertheless, BoA has immediately acted by expressing its commitment for improving customer experience which provides distressed homeowners a ray of hope. Although one cannot be that sure regarding the difficulty that executives from the bank could be facing when providing correct answers to HAMP loan modification applicants. To streamline the entire process, Bank of America has taken a few major steps to help borrowers in understanding the home affordable modification program guidelines better.
In order to improve their service levels, BoA has decided to implement the below mentioned strategies.
- Bank of America plans to expand its loss mitigation staff to 13,000.
- More number of loan officers would assist homeowners to turn their trial loan modifications into permanent ones.
- Bank of America intends to launch a streamlined program for home loan assistance online, which could facilitate easy answering of pertinent HAMP loan modification questions that customers might have regarding the entire home mortgage modification process.
- To get the necessary documents required for offering a trial HAMP home loan modification plan, BoA even has plans for implementing a door-to-door campaign for such borrowers who have been unresponsive or difficult to get.
- Bank of America has now decided to sponsor numerous community programs by opening a Customer Assistance Center in Brea, CA. Here borrowers would receive person to person counseling for addressing their mortgage problems and even obtain important information on mortgage loans, home equity loans, personal loans as well as credit cards.
Thus, if you are planning to get your mortgage woes addressed with Bank of America, you need to be solidly organized and have a lot of patience when dealing with the bank executives. Do not forget that your main intention is to secure a well thought out financial package that meets your specific financial situation. Last but not the least, when you are out to submit a loan modification request with BoA, it is important for you to provide a cover letter which expresses your desire to apply for the HAMP mortgage modification.
To get more useful information on the federal loan modification program, it is hereby suggested to utilize the professional services offered by reputed online service providers like LoansStore.
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