Homeowners with Bank of America still in need of home loan assistance may be happy to know that lenders like Bank of America are still making progress in the Making Home Affordable Program and are still using various in-house programs to help homeowners avoid foreclosure. Many lenders are using home loan modifications, principal reductions, unemployment forbearance plans, and even refinancing to help homeowners get a more affordable home loan payment.
Bank of America, along with many other mortgage lenders, have had a wide range of complaints waged against them with their participation in the making home affordable program. Countless homeowners have been very unhappy with their experience in the home loan modification program and with various lenders. Lenders have been accused of not doing all they can to help homeowners get a more affordable mortgage and avoid foreclosure.
However, lenders are seeing more success in the number of permanent home loan modifications they are making each month. Bank of America, has been one of the first banks to explore the benefits of different programs like unemployment forbearance plans and working with second mortgage holders in order to make modifications or short sales.
While, again, no lender has been perfect it is still advisable for homeowners who are struggling to make their mortgage payment to contact their mortgage lender and ask about assistance options that may be available. Some homeowners have had a difficult time getting a modification on their mortgage but all the trouble is worth it if a homeowner can avoid losing their home.