It’s been said that Bank of America, along with many other lenders, have had trouble with home loan modifications due to the second lien problem that has plagued many homeowners. When a homeowner has a second mortgage, a modification usually only helps with the primary mortgage, thus lenders like Bank of America have had trouble making home mortgage payments affordable as a result.
However, Bank of America may no longer be struggling with these second liens as they not only signed on to an Obama Administration program to combat second liens but they saw the numbers of permanent home loan modifications rise from 12,761 in January to 20,666 in February.
Such a large increase in the number of permanent modifications made may leave little room to dispute that, after months of criticism, Bank of America is moving along in the Making Home Affordable Program and seeing a big jump in their success.
Homeowners are still having some trouble, though. Yet, with Bank of America making such a leap in the number of home loan modifications made, struggling homeowners should take heart and not give up hope because there is progress being made.