Bank of America is one of the big banks in the Making Home Affordable Program and has more home loans in their charge than any other lender. It’s for this reason that many people have been seeking assistance from Bank of America, seeing as how Bank of America is either the primary or secondary lender of a vast majority of homes across the nation.
There have been complaints waged against not only Bank of America but other mortgage holders as well from homeowners who were very frustrated or displeased with their participation in the home loan modification program. Bank of America, however, is still seeing increases in the amount of permanent home loan modifications they are making each month.
Also, low mortgage rates have been allowing many Bank of America homeowners to refinance their mortgage in order to not only get a lower mortgage rate but a lower monthly mortgage payment as well. Refinancing is one way in which homeowners can get a more affordable mortgage without having to go through the modification program.
Homeowners with Bank of America that may be struggling to pay their mortgage or who may be in the financial position that would allow them to refinance their home loan for a better rate and possibly a lower payment are being advised to contact their mortgage lender and ask about what options are available.