By the end of July, Bank of America had completed more than 76,300 Home Affordable (HAMP) mortgage modifications.

The banking giant has also helped approximately 100,000 of its customers receive non-government mortgage modifications so far this year. Since January 2008, Bank of America has completed more than 665,000 mortgage modifications through all programs, including about 590,000 using proprietary solutions.

Many of the completed mortgage modifications included second looks at loans that did not qualify for modification under the federal government’s program. "HAMP guidelines are quite specific with regard to the debt-to-income ratio, owner-occupancy, trial payment performance and other requirements," said Rebecca Mairone, default servicing executive for Bank of America Home Loans. "But in many cases, we may be able to provide these customers with other homeownership retention solutions, subject to the mortgage investor’s guidance and approval."

Mairone added that alternative home retention programs are considered for customers who aren’t eligible for the government program. "HAMP guidelines are quite specific with regard to the debt-to-income ratio, owner-occupancy, trial payment performance and other requirements," she said. "But in many cases, we may be able to provide these customers with other homeownership retention solutions, subject to the mortgage investor’s guidance and approval."