Homeowners with the Bank of America mortgage have been struggling over the past few months, as have many other homeowners with a variety of lenders, when it comes to paying their home loan. Many homeowners have been troubled by factors like unemployment or the loss of value in their home.
The home loan modification program is still continuing to see positive results, but not at the rate that many people would like. While some lenders, like Bank of America, have seen an increase in the number of permanent home loan modifications they made, there are still many homeowners that are in need of assistance.
The Obama administration’s Making Home Affordable Program has helped many homeowners get a more affordable mortgage, and assistance through programs directly from lenders has been providing assistance as well. However, there have been troubles for many homeowners who have sought out a home loan modification or some other form of assistance through the Making Home Affordable Program.
It’s for this reason that some homeowners have turned to refinancing their home loan, in the hopes of getting a lower mortgage payment. Mortgage interest rates are quite low at the present time and homeowners in good financial standing have been able to not only refinance and get a lower mortgage rate but also a lower mortgage payment.
Any homeowner that may be struggling to pay their home loan payment each month is still being advised to contact their mortgage lender and ask about options that may be available to help them avoid foreclosure. Homeowners will have to look at their personal financial situation and see what programs are available for their particular mortgage trouble in order to see which route is going to be the best for them.