Homeowners with a Bank of America home loan are still being advised to contact their mortgage lender if they are having trouble making their home loan payment. Homeowners have seen financial troubles arise over the past few months as many homeowners have received a cut in their wages or have lost their job due to effects still stemming from the recession.
The home loan modification program has enacted various plans that are set to help homeowners that may be struggling with a variety of mortgage problems. Lenders, like Bank of America, have had mixed results and have had homeowners who are very upset with their home loan modification review.
While no lender has been perfect in the home loan modification program, overall there has been an increase in the number of permanent home loan modifications made from month to month and this does not include in-house programs which many lenders are using to also provide assistance for homeowners.
Bank of America has been working to not only make modifications for homeowners but they are also working in the area of principal reductions and also with second mortgage holders to make modifications and short sales easier for homeowners.
Again, not every homeowner has had an easy experience when it comes to dealing with their lender or getting a modification but struggling homeowners are still being advised to talk over options with their lender in the hopes of getting assistance for their mortgage. While a modification or other form of mortgage assistance may be a difficult road for some homeowners to travel, it’s definitely better than the alternative of foreclosure.