Homeowners with Bank of America and asking for more results in the home loan modification program. The Treasury Department has also stated they would like to see more efforts being made to prevent foreclosures for struggling homeowners with all lenders.
Bank of America has been one lender that has made gains in the home loan modification program and has adopted programs like principal reductions and unemployment forbearance plans which they hope to use to keep homeowners in their home during tough financial times.
There have been multiple problems in the home loan modification program, but it is hoped that the Treasury Department will start taking measures that will assist homeowners in getting more help when it comes to saving their homes from foreclosure.
The Treasury Department has said they will start cutting incentives from homeowners that do not pass a new review program, which will look at exactly what mortgage modification steps are being taken by various lenders.
Lenders maintain that they are doing all that they can to help homeowners avoid foreclosures, but the home loan modification process is more complicated than many realize. However, homeowners and some governmental officials feel that more needs to be done in making foreclosures preventable.