Bank of America claims to have made 600,000 home loan mortgage modifications in the hopes to stop home loan defaults and foreclosures. With the hope that there will be ongoing home loan mortgage modifications, many feel with such a high unemployment rate, that home loan mortgage modifications are the only thing keeping homeowners in their homes.
There has been talk that Bank of America is working to pay back the bailout loan received by the government and many worry this may hinder their participation in home loan mortgage modifications.
The government is looking for banks to make home loan mortgage modifications permanent as there have been problems in various home loan mortgage modification programs, but this 600,000 modifications made by Bank of America are supposedly of their own doing and not necessarily in accordance with the Obama plan.
Many home loan mortgage modifications are only for a trial period and, again, the government is asking lenders to make home loan mortgage modifications permanent but lenders are saying problems with homeowners not filling out paperwork is slowing the process a great deal.
The home loan mortgage modification program is still in effect and many lenders are working with their own programs to provide home loan mortgage modifications to struggling homeowners so anyone needing assistance with their mortgage payments still has the opportunity for a mortgage modification. Homeowners in Georgia will seek the lowest Georgia mortgage rates but remember Bank of America is not the only options. It might be wise to check out SunTrust and Wells Fargo.