Homeowners with Bank of America are still able to take advantage of the home loan modification program that has been spurred by the Obama Administration in the hopes of helping homeowners get a more affordable mortgage payment. There have been increases in the number of permanent home loans made from month to month in the program as a whole and from lenders like Bank of America.
However, there have been complaints as well and many homeowners are very upset with their experience and dealings with lenders and the modification program as a whole. There are many stories that are quite troubling as homeowners accuse lenders of not doing all they can to help people avoid foreclosure. There has even been talk of a Treasury Department review to make sure lenders are in fact doing what they need in order to help those who are looking for mortgage assistance.
While Bank of America has not escaped criticism, they have been one of the lenders to embrace various programs and mortgage assistance plans. From principal reductions to unemployment forbearance options, the Obama Administration has proposed a variety of mortgage assistance programs that can help a vast number of homeowners, but the results have not been spectacular as of yet.
Bank of America homeowners that may be struggling to make their mortgage payment are being advised to talk over options with their lender and see if an assistance program from either the Making Home Affordable Program or from an in-house plan from Bank of America will be a benefit to them in their personal mortgage troubles.