Homeowners with Bank of America who are still in need of some form of mortgage assistance may be able to benefit from a home loan modification on their mortgage. Many homeowners are still suffering because of unemployment or other economic factors and for this reason need help in getting a more affordable mortgage payment.
The Obama Administration’s home loan modification program has been helping many homeowners over the past few months get a more affordable mortgage payment on their home loan. Lenders like Bank of America have been seeing success this year as more and more permanent home loan modifications are being made each month according to Making Home Affordable Program reports.
There have been some troubles, though, and lenders like Bank of America have not escaped criticism. Lenders and the modification program overall are being called into question as the amount of home loan modifications that have been made has not come close to the initial goal set by the Obama Administration. Lenders are being told to do more to help homeowners avoid foreclosure as they want to reach that original goal for the amount of homeowners who have been helped through a modification.
Bank of America and other mortgage lenders have been using plans from the Obama Administration’s modification program and in-house programs that are set in place to help homeowners who may not qualify for the Obama modification plan. Homeowners may have a difficult road when it comes to getting a home loan modification, but it is still possible that a homeowner should talk to their mortgage lender or consult the Making Home Affordable website to see if there are any mortgage assistance plans available to help them in their particular situation.