Bank of America is one of the large lenders that has been trying to juggle making home loans and providing mortgage assistance to countless homeowners in our nation. Mortgage rates have been quite low as of late, for many homeowners they have gotten around 5% or less on their mortgage interest rate and many new homebuyers have received the same.
However, selling homes or refinancing mortgages have not been all that Bank of America has been having to deal with, in terms of housing. Many homeowners have been struggling to meet their mortgage payment due to a variety of factors ranging from unemployment to a loss of value in their home.
Obviously, unemployment has taken a big toll on our nation and our job market has yet to fully recover, which has been causing the housing market to suffer as well. Bank of America and other lenders have been working with the Obama Administration in the Making Home Affordable Program in the hopes that they can provide a more affordable mortgage for many homeowners.
While lenders have fallen short of the original goal of the home loan modification program, some mortgage lenders have been using home loan modifications, unemployment forbearance programs, principal reductions, and providing refinancing options for homeowners.
Sadly, many homeowners have had trouble with these programs as not all lenders are using every form of mortgage assistance that is available, the most controversial being principal reductions, and many lenders are being accused of not doing all they can to provide the necessary mortgage modification help that homeowners need.
The Treasury Department is said to be looking to conduct reviews of different lenders in the home loan modification program to make sure they are doing all that they can to bring aid to homeowners who are struggling in their mortgage.
It’s true that no lender is perfect and there have been many problems with most lenders and homeowners, as well as the Making Home Affordable Program, homeowners that are having trouble with their mortgage are still being advised to contact their lender and seek out available assistance options.