Homeowners with Bank of America, seeking mortgage assistance may be able to find aid through home loan modifications, principal reductions or forbearance plans. Homeowners are struggling in many ways when it comes to their mortgage and banks are being asked to step up their efforts in making home loan modifications.
Forbearance plans are hoped to be successful in helping unemployed homeowners as a homeowner would be able to forgo their mortgage payment for up to nine months, in which they can hopefully find a job and resume payments on their home. If employment weren’t found homeowners would be asked to surrender their home.
There are also hopes that programs like the principal reduction plan will help underwater homeowners and continued success would occur in the home loan modification program. Lenders like Bank of America have has trouble with their customers when it comes to making home loan modifications, but there are still programs in place.
Homeowners with Bank of America that are struggling in their home loan mortgage payment are being advised to contact their mortgage lender for available options they can use or to seek help from the Making Home Affordable website for additional aid.