Bank of America has been working within the Making Home Affordable Program in order to make home’s more affordable for struggling homeowners. Homeowners that are suffering for reasons ranging from unemployment, to a loss in wages from their job or even an underwater mortgage have been looking to lenders for help in avoiding foreclosure.
While Bank of America has been using programs that range from home loan modifications to refinancing options, many homeowners have been accusing big lenders of not doing all they can to provide mortgage assistance. This has prompted the Department of Treasury to conduct reviews of mortgage lenders to see if they are indeed helping homeowners.
Many lenders have been putting up good numbers in the Making Home Affordable Program each month, but there are still troubles with lenders, homeowners, and HAMP requirements. Many homeowners that have been denied mortgage assistance from the Making Home Affordable Program have been able to use lender-specific assistance options, but there are homeowners that have still been unable to find assistance.
Despite troubles in the home loan modification program, homeowners are still being advised to talk to their lender in order to find options that may help them make their home more affordable. There are no perfect lenders, but homeowners that are in trouble and facing foreclosure should contact their mortgage lender and exhaust their home loan assistance opportunities.