Bank of America homeowners may be getting more assistance from the home loan modification program as the Obama Administration looks to expand efforts to assist more unemployed homeowners and homeowners with an underwater mortgage. Unemployment and underwater mortgages have been plaguing homeowners and the housing market so these new initiatives are hoped to correct some of those problems.
Many who feel that the declining home values, coupled with homeowners walking away from their mortgages, has caused countless troubles for the housing market and deem principal reductions necessary. Bank of America has not escaped having homeowners walk away from mortgages, so they are one of the lenders hoping to assist homeowners in these new programs.
Unemployed homeowners also may be able to take advantage of a forbearance offer in their mortgage payments, which could go a long way in helping unemployed homeowners get back on their feet.
While these programs are new and are still part of the home loan modification program, it will take time to see if they help homeowners to the extent that they are hoped to. So, any homeowner struggling with an underwater mortgage or unemployment should talk with their lender about these options.