Many homeowners with Bank of America have been struggling in their mortgage but there are options within the home loan modification program that was begun by the Obama administration, as well as, mortgage assistance available from lenders themselves.
Home loan modifications are just one program that allows homeowners the opportunity to get mortgage a payment that is more affordable during tough financial times. While there have not been as many modifications as the Obama administration had hoped, there are review programs set to begin to make sure that lenders are doing all they can to help homeowners.
Some lenders are even offering principle reductions to combat underwater mortgages for homeowners who owe more on their home than their home is worth. Some lenders don’t feel that this is a good option, but are willing to use principle reductions in a few cases.
Also, there may be unemployment forbearance options for homeowners who do not have a job and are finding that making their mortgage payment is becoming difficult if not impossible. Lenders that are using this option are allowing homeowners to forgo their mortgage payment for a few months in hopes they can either obtain a job or make alternate living arrangements if they feel foreclosure is inevitable.
While lenders like Bank of America and other banks in the program may not all use the same mortgage assistant options it is being advised for homeowners to contact their lender to see what help is available for their particular mortgage assistance needs.