Homeowners with a Bank of America home loan may have refinancing options or modification assistance options that can help them get a lower monthly mortgage payment. Bank of America is one of the top lenders in the Making Home Affordable Program and they have seen an increase in the number of home loan modifications made from month-to-month.
Many homeowners have been refinancing their home loan in order to get a lower monthly mortgage rate and monthly payment as well. Homeowners that are in a good financial standing, have equity built their home, a good credit score, and can afford the costs of doing so have been able to benefit from refinancing for a lower mortgage rate on their home.
While there have been lenders who have been accused of not doing all they can to help homeowners, and Bank of America has not been without complaints as well, there are still mortgage modification plans available for struggling homeowners. The Obama Administration and the Treasury Department have both stated that they want to see more results from the Making Home Affordable Program and want lenders to do more to help homeowners avoid foreclosure.
Again, Bank of America has had its fair share of criticism and angry homeowners who were either denied a home loan modification or were simply unable to get any type of mortgage assistance. Yet, Bank of America has been said to have adopted a variety of mortgage assistance programs which can help troubled homeowners so any Bank of America homeowner who is troubled in their mortgage is being advised to contact their lender.
Getting mortgage assistance may not be an easy route to take for every homeowner but no matter how hard the road is, all the trouble will be worth it if a homeowner is able to avoid foreclosure and get a more affordable payment on their home loan.