Homeowners with Bank of America have been looking for assistance through the Making Home Affordable Program set down by the Obama administration and despite many plans and programs there are still troubles. However, the Treasury Department has said they will use a new review process to look and see what lenders are doing within the program.
There are aspects of the program like home loan modifications, unemployment forbearance options, and principal reduction plans that are hoped to help homeowners that are struggling to make their mortgage payment. While many people indicate that the economy is improving some homeowners still aren’t feeling any less of a financial strain.
While some lenders are unwilling to use aspects of the home loan modification program and there are many accusations that lenders are not doing all they can to help homeowners, there are options and assistance available for struggling homeowners but these programs are far from perfect.
Homeowners are still being advised to contact their lender about options available, in the form of assistance, if they are struggling to make their mortgage payment. While, again, there have been troubles for some homeowners seeking a home loan modification, but it’s still going to be in a homeowner’s best interest to talk over options with their lender to avoid foreclosure.