Bank of America homeowners are still in need of mortgage assistance as a number of factors continue to make mortgages more troublesome for homeowners. Unemployment and underwater mortgages have been causing endless trouble for homeowners as of late, but there are some programs that are hoped to provide aid for struggling homeowners.
Underwater mortgages have taken the front seat as homeowners no longer simply have a mortgage that is difficult to pay, but there is also the trouble of having a mortgage that is greater than the value of their home.
This has obviously caused a great deal of frustration for many homeowners who view their house as an investment. These homeowners have been asking for principal reductions and some have even walked away from their home as a result of devaluation.
However, there are proposed principal reductions from the Obama Administration that are set to lower mortgage principals for homeowner that keep up with their payments. It’s hoped that lenders like Bank of America will take part in this type of a mortgage assistance plan, but many fear that lenders will not be on board with principal reductions.
While contacting one’s lender is the only sure way to find the mortgage assistance options available, lenders are going to have to create new forms of aid to help homeowners struggling with an underwater mortgage.