Homeowners with a Bank of America home loan have found that assistance can be obtained through the Making Home Affordable Program, which was set in place by the Obama Administration. Many homeowners who have been unable to make their mortgage payment have able to get a more affordable home loan payment thanks to a home loan modification and the number of permanent home loan modifications have increased over the past months.
Bank of America has also worked with homeowners in other assistance programs and the Obama home loan modification program has been asking that lenders use things like principal reductions and unemployment forbearance plans to help homeowners as well. Some lenders have not used all of these programs, but have helped homeowners through in-house assistance plans, rather than HAMP assistance plans.
Yet, there have been many problems when it comes to homeowners obtaining a modification and no lender has been without criticism. While there are some troubling stories about homeowners who have done all they can to qualify for a modification only to be denied, it’s important that homeowners make sure they are prepared when it comes to working with their lender.
It can be a difficult task to qualify for a mortgage modification, and some lenders have been accused of not doing all they can to help homeowners, it’s still important that a homeowner press forward in the modification process. Homeowners need to have all their paperwork in order and a lot of patience when it comes to working through the program, but a tough time in the modification process will be worth it if a homeowner can avoid foreclosure.