The Bank of America home loan modification efforts have been criticized over the past few months by many homeowners. As with any subject there are two sides to this situation and there are arguments to be made both for and against the majority of lenders’ participation in the home loan modification program.
Many homeowners feel that there are not enough efforts being made on the part of lenders to make mortgages more affordable for homeowners who are struggling financially. There are countless individuals and homeowners who have waged complaints against every lender in the Making Home Affordable Program.
The complaints range in subject matter, but the common thread among them is the idea that lenders don’t stand to lose out if a homeowner must face foreclosure. There have been talks about lenders losing their incentives for participating in the home loan modification program, but many people feel that these incentives are so minimal that lenders can easily be penalized without taking any damage.
There are those who would argue, despite low numbers in the modification program, that more and more homeowners are getting permanent home loan modifications each month and a variety of other programs available from the Making Home Affordable Program have been helping homeowners keep their home.
Some people are angry because homeowners are still facing foreclosure, but on the other side of that argument, there are simply homeowners who cannot afford to pay their mortgage and therefore cannot keep their home. It’s obvious that this is a frustrating situation for homeowners and no one can blame these individuals for being upset when they’re unable to get a more affordable mortgage and face losing their home.
Despite troubles and complaints waged against the modification program as a whole and lenders in the program, homeowners who are in trouble should be aware that they are assistance programs out there and they should not avoid seeking mortgage aid just because some homeowners have faced a difficult road. No lender is perfect and there is no guarantee for mortgage assistance in every case, but a homeowner that may face foreclosure is advised to contact the lender in order to talk over possible options to help them keep their home.