Unemployed homeowners with a Bank Of America home loan might find that forbearance on their home loan payment is available to those struggling to make their mortgage payment due to being unemployed or underemployed. The Obama Administration recently announced that there would be additions and expansions to the home loan modification program to help both unemployed and underwater homeowners.
Bank of America, despite criticisms, has been working not only with the home loan modification program, but they have also been aiding homeowners by working with second liens that are causing trouble in the home loan modification program, working with underwater homeowners for principal reductions, and they are now venturing into the forbearance world with underwater homeowners.
While no lender is perfect when it comes to assisting struggling homeowners, there are more mortgages held by Bank of America than any other top lender in the Making Home Affordable Program, so taking steps to provide principal reduction plans and unemployment forbearance options is simply necessary for Bank of America.
Similar forbearance plans, modification programs, and principal forgiveness procedures have been available, but now that they are coming to the attention of the Obama Administration it is hoped that lenders will do more to help struggling homeowners with these programs.