The Making Home Affordable Program released data on participation from the big lenders in the home loan modification program and Bank of America saw increases in their numbers, particularly in the area of pending permanent home loan modifications.
The number as of March for pending permanent home loan modifications is at 38,074, which is up from 22,303 in February. Homeowners in the home loan modification program have been frustrated in the past, but many lenders are seeing an increase in the number of mortgages modified each month.
Sadly, new trouble is rising in the housing market as underwater mortgages and unemployment begins to take more of a toll on homeowners.
There are principal reduction programs offered by some lenders and the Obama Administration has new programs in association with the Making Home Affordable Program that are set to help homeowners struggling in their mortgage in the coming months.
Principal reductions for underwater mortgages and forbearance programs are not popular among all lenders but it is hoped that in the near future more mortgage lenders will get on board with these programs and provide additional assistance to homeowners.