Bank of America, with branches throughout Connecticut, said Thursday it had completed processing more than 20,000 additional mortgage modifications under a government program designed to prevent foreclosures, Fox Business News reports.
The bank said it is the first lender to have 200,000 modifications entered under the government’s Home Affordable Modification Program and other non-governmental programs, Fox said on its Web site.
The government recently extended the deadline to convert trial modifications to completed ones, significantly adding to the number processed, Fox said.
To qualify for permanent loan modification, a borrower must make three consecutive monthly payments under the trial modification terms and complete the documentation.
