Bank of America has seen some big gains in the home loan modification program over the last few months and many homeowners, as a result, are getting modifications that are making their home mortgage payment more affordable. However, there is question as to if the Making Home Affordable Program is still helping homeowners.
With problems like second liens on homes and underwater mortgages, as well as, homeowners that simply don’t qualify for a home loan modification, many people are looking at a program deemed as lackluster by some and asking if there is still progress being made.
While Bank of America, along with other lenders, has seen their home loan modification numbers rise, there are still defaults occurring and many homeowners simply walking away from underwater mortgages. There are programs from lenders and organizations like the FDIC that are in place to combat second liens and underwater mortgages, problems remain.
However, there are those that argue the problems are in a minority of homeowners and the majority of those looking to simply keep their home and get a more affordable mortgage payment are finding help. Not only Bank of America, but also other big lenders are finding more and more success with homeowners looking for mortgage assistance, so homeowners shouldn’t give up hope on finding help in their mortgage.