Homeowners with Bank of America are still having trouble making their home loan payment. Unemployment, decreases in housing values, and a number of other factors are causing homeowners to experience tough financial times. It is because of these troubles that many banks, like Bank of America, are offering mortgage assistance options for troubled homeowners.
The Making Home Affordable Program, enacted by the Obama administration has proposed various plans and ways for lenders to assist homeowners make their mortgage more affordable. Bank of America is one of the top lenders in this program, and deals with more mortgages than most other lenders in the nation.
There are options available for homeowners that range from home loan modifications, principal reductions, and unemployment forbearance options, as well as, refinancing plans available to assist homeowners who are having trouble making their mortgage payment.
While all of these programs are not being used by every lender, homeowners need to be aware that these forms of assistance are out there and that they may be able to avoid foreclosure on their home by talking to their lender.
There have been many problems from various homeowners who are going through programs in the home loan modification process and no lender has been perfect in their implementation of these programs. However, it’s hoped that a Treasury Department review that is forthcoming will flush out lenders who are not doing all they can to help homeowners.
Bank of America homeowners may want to contact the lender as Bank of America is one financial institution who has been using a variety of these programs for their homeowners. While Bank of America has not been perfect and many homeowners are greatly upset with this financial giant, homeowners should still seek out home loan modification options both from the Making Home Affordable Program and from in-house options available from their lender.