Homeowners with a Bank of America mortgage may be able to obtain a cheaper home loan payment through a home loan modification. Many homeowners have been struggling to make their monthly mortgage payment and as a result a variety of programs have been set in place to make home’s more affordable for homeowners that have taken a financial hit thanks to the recession.
There have been homeowners that have applied for a modification and had positive , while others have come away from the situation angry with their lender. However, Bank of America, while far from a perfect mortgage lender in the Making Home Affordable Program, has increased their number of home loan modification over the past few months, and despite similar increases among other lenders, the Treasury Department has been calling for more to be done.
Programs range from unemployment forbearance options and principal reductions to refinancing options have been proposed by the Obama Administration and many big lenders have either taken part in these assistance plans or they have provided alternatives for struggling homeowners.
While the road to a cheaper mortgage payment may be a difficult one for homeowners, it should be noted that anyone having trouble making their mortgage payment should contact their lender. Obtaining information and assistance options from a lender is the first step any homeowner should take when they are facing the possibility of foreclosure.