Bank of America and Wachovia’s participation in the home loan mortgage modification program has brought a few home loan modifications to homeowners but overall these two lending giants have failed to impress anyone with their assistance to struggling homeowners. Will they change their methods for 2010 and up their numbers or continue to be a source of frustration for homeowners?
Bank of America and Wachovia, as of November reports, have combined over 1.1 million potential homeowners who qualify for a home loan thanks to the Making Home Affordable Program.
The number of trial home loan modifications they have extended, combined, are around 158,884 and the number of permanent home loan modifications made to homeowners is 449.
Unemployment, loss of income, and rising mortgage payments by lenders are causing serious strain to homeowners who simply want an affordable rate and the opportunity to pay for and stay in their home. However, the recession hit the country hard and much, if not all, of the blame is being laid at the feet of financial institutions.
So, many have asked why lenders, like Bank of America and Wachovia, are seemingly fighting homeowners on the home loan modification program. There are cases where lenders didn’t qualify, didn’t complete the trial period, or missed key dates or paperwork, but even with all these factors combined it’s hard to justify such low numbers from Bank of America and Wachovia.
The home loan modification program is still in progress, but many are wondering what’s the point if big lenders refuse to modify home loans. Some lenders have done a great job with helping homeowners, but banks like Wachovia and Bank of America are going to have to pull bigger modification numbers in 2010 if we wish to avoid a wave of foreclosures and people on the street.
