Bank of America loan modifications: Decatur impact?

Last month Bank of America announced that it had modified 600,000 home loans nationwide since January 2008. From the Associated Press:

CALABASAS, Calif. – Bank of America Corp. said Monday it has provided mortgage relief through loan modifications for more than 600,000 homeowners since January 2008.

The renegotiated loans were done through its own programs and the government's Home Affordable Modification Program [HAMP], the bank said.

Bank of America has concluded more than 450,000 loan modifications since January 2008 under its own programs. That includes about 225,000 modifications so far this year.

Through the government program and others, Bank of America said it has provided $215 billion to refinance existing mortgages.

Read the whole story here.  More recently, Bank of America announced that it has modified an additional 20,000 loans through HAMP.

Whether many Decatur home owners have received these modifications is unlikely. Although Bank of America and Wells Fargo together issue half of all home loans nationwide, only about 210 property taxpayers in Decatur, or 3 percent of our total number of taxpayers, pay their taxes through an escrow account with Bank of America (usually after being routed through Home Focus then First American), according to our internal payment records.