Bank of America homeowners that are stuck with an underwater mortgage are looking for relief in the form of principal reductions. Principal reduction plans are now part of the extended programs within the Obama Administration’s home loan modification program and Bank of America is one of the first lenders to commit to making these principal reductions.
However, many people worry about the implementation of these programs as many lenders in the home loan modification program have been less than stellar and have caused trouble for homeowners looking for assistance. Many homeowners are angry over the difficulty that comes in dealing with big lenders who seem unwilling or unable to help.
While no program or lender is perfect there remains many homeowners that are frustrated because they need help and may simply not qualify. There are also accounts of lenders claiming homeowners qualify but seemingly doing nothing in order to provide modifications for struggling homeowners.
Not all homeowners are going to have an easy road when seeking a traditional modification, a principal reduction, or unemployment mortgage payment forbearance, which are all part of the expanded home loan modification program, but homeowners need to be aware that these options are out there.