Bank of America is being singled out as the key for what not to do in the Making Home Affordable home loan modification program. The intent of the Making Home Affordable home loan modification program was to give aid to homeowners who have fallen into financial trouble from the actions of corporations like Bank of America that caused the economic collapse, brought on the recession and countless loss of jobs and income for millions.
However, Bank of America’s numbers from the Making Home Affordable home loan mortgage modification program are being said to be shamefully low as there are over one million who potentially qualify for a home loan mortgage modification from Bank of America but there have been only 15% of homeowners put in a trial or permanent modification.
More specifically, only 98 homeowners have been given a permanent home loan mortgage modification. Homeowners seeking a home loan modification or in the trial process for a home loan mortgage modification are giving reports that the service, organization, and helpfulness from Bank of America is anywhere from frustrating to nonexistent.
In the coming year there is going to have to be job creation at a record speed and as Americans get back on their feet there will need to be assistance to allow people who wish to work but can’t find a job, stay in their homes. The home loan modification program is the best way to keep struggling homeowners from being kicked out on the street, but unless institutions like Bank of America make the effort to progress the loan modification program it could be stalling the recovery of the economy and Americans as well.
