The Making Home Affordable report for April 2010 for Bank of America has recently been released and shows the numbers for the modifications made through that month. Bank of America, along with many other lenders, have been working to try and make more modifications as homeowners and other governmental officials have accused lenders of not doing all they can.
As of April, Bank of America has made 56,398 permanent home loan modifications for homeowners who are struggling to meet their mortgage payment. This is up from March’s number 32,900 homeowners who received a permanent home loan modification.
There are also, currently, 214,562 active trial home loan modifications in progress, which is out of 477,509 potentially eligible homeowners that may qualify for a home loan modification.
Homeowners with Bank of America and other lenders around the nation have all had trouble due to factors ranging from unemployment to underwater mortgages. It’s for these reasons that the modification was implemented by the Obama Administration and has been working to keep homeowners in their home.
While there have been many angry homeowners that have gone through the modification program and have said that lenders are not doing all they should in the Making Home Affordable Program, it should be known that the modification program is still ongoing.
Struggling homeowners are still being advised to contact their lender and seek out any mortgage assistance options that may be available to help them avoid foreclosure.