Bank of America is one of the largest mortgage lenders in the country and many struggling homeowners with this lender have been seeking out the home loan assistance programs to help them afford their mortgage payment. While there are no perfect programs or no easy ways to obtain assistance for anyone struggling with their mortgage, lenders like Bank of America have a variety of programs that could help anyone avoid foreclosure.
Many homeowners have been asking for principal reductions, unemployment forbearance options, refinancing plans, and many have been simply seeking a home loan modification. While banks like Bank of America are using the majority of these programs both in-house and with the Obama administration, there have been problems when it comes to homeowners getting the assistance they want.
Making home loans more affordable has sometimes been an almost insurmountable obstacle for many homeowners and the Treasury Department has said that they feel banks have fallen short of the goal for the Making Home Affordable Program, in terms of number of homeowners helped.
While no lender has done a perfect job in providing mortgage assistance and some lenders are not using certain plans from the Making Home Affordable Program, it is still advisable that homeowners who are struggling to make their mortgage payment should contact their lender and see what assistance may be provided.
While home loan mortgage assistance is not an easy road to take, homeowners that are facing foreclosure need to seek out the options available to them in the hopes that they may be able to get a more affordable mortgage and save their home.