Bank of America is still one of the big lenders that is helping homeowners in the Making Home Affordable Program, which was set in place by the Obama Administration. Many lenders have been using various plans within the home loan modification program and there have been increases in the number of permanent home loan modifications made over the past months.
There are also programs like principal reductions and unemployment forbearance plans that are helping homeowners who are struggling with underwater mortgages or unemployment. While not all lenders are using every program, there are programs from both the Obama Administration’s Making Home Affordable plan to in-house plans that lenders have devised to help struggling homeowners.
No lender has escaped criticism and some have even drawn a great deal of negative publicity when it comes to their work and the home loan modification program. While there are some troubling stories from homeowners and accusations that lenders are not doing everything they can to help those in need, reviews from the Treasury Department are hoped to right any wrongs that may be causing the modification program to be less helpful.
Bank of America, while not without its critics, has been making more and more modifications each month and it’s advised that any troubled homeowners who may have a Bank of America home loan contact the lender if they need help. Not all homeowners are going to have an easy route when it comes to getting mortgage assistance, but there is help still being provided and homeowners are being told to talk with their lender about what assistance plan might be right for them.