Bank of America homeowners are looking at mortgage rates and homeowner assistance as mortgage rates stay below 5%, but homeowners also continue to struggle in their home mortgage loan. Bank of America is one of the largest mortgage holders in the nation and has been asked to take part in mortgage assistance programs from the Obama Administration.
When it comes to homeowner assistance, Bank of America has not escaped criticism but they have also seen increasing numbers in the home loan modification program, have been working to make modifications on homes with second liens, and work with homeowners that have an underwater mortgage through principal reductions.
However, like all lenders, Bank of America has either been unable to handle the amount of assistance needed by homeowners or they are simply choosing not to do so, according to some angry homeowners.
On the topic of mortgage rates, which remain around 5%, Bank of America has helped homeowners in refinancing their homes to a lower rate and mortgage payment, but the troubles in the housing market have slowed homeowner refinancing across the board, despite the predicted rise in interest rates.
While Bank of America has helped a lot of homeowners and seen progress in mortgage assistance programs, there is room for improvement and work still to be done. Homeowners with underwater mortgages and suffering from unemployment are heaping wood on the fire in the housing market, so lenders are going to have to pick up the pace to keep up.