Bank of America homeowners are struggling with making their mortgage payment and until recently loan modifications, which for some have been difficult to obtain, were the main, if not only, option. However, Bank of America and other lenders are now being asked to work with homeowners that are unemployed and have underwater mortgages, as part of the home loan modification program.
The housing market, which some claim to be on it’s way back to normal, is still having troubles as many homeowners are looking at a home worth less that the mortgage attached to it and homeowners that are unable to make their mortgage payment due to unemployment.
While many have criticized the home loan modification program, homeowners feel that banks owe them this assistance in their mortgage because of the part big lenders played in the recession, which has cost so many their job, and for the bailouts given to keep these big banks afloat.
Some underwater homeowners are able to get principal reductions on their homes and unemployed homeowners may qualify for forbearance on their mortgage. Keep in mind that their have been troubles in the modification program in the past so homeowners aren’t guaranteed assistance. However, these programs are out there and homeowners may benefit from talking over these new options with their lender.