Bank of America has the majority of mortgages in their charge within the Making Home Affordable home loan modification program. However, homeowners are unhappy with the progress that Bank of America has made in terms of permanent home loan modifications.
Homeowners that have been in the modification program cite that either Bank of America has administrative problems or simply will not make their home loan modification permanent even after the homeowners have gone through the trial period. However, aside from the vast amount of homeowners looking for modifications, Bank of America has had problems with homeowners that have a second mortgage.
Having a second lien on a home is slowing the modification program for not only Bank of America but other lenders as well. Homeowners are getting a modification on their primary mortgage, but no help from the secondary mortgage, which can cause homeowners to miss out on a permanent modification.
However, Bank of America does continue to see progress in the Making Home Affordable Program and has seen a rise in their permanent home loan modification numbers. Homeowners that are struggling with their home loan modification need to keep pressing forward no matter how difficult because saving your home is worth the trouble.