Homeowners with a Bank of America mortgage may be able to obtain some of assistance through a home loan modification mortgage assistance program from the Obama Administration. Homeowners are still struggling to make ends meet financially and many have turned to their lender in order to get some form of mortgage assistance.
Home loan modifications, principal reductions, and unemployment forbearance programs have been suggested and used by some lenders to help homeowners meet the demands of a mortgage payment during a tough economic time. While the economy is said to be improving there are still millions of people who are out of work and who are in need of some form of aid when it comes to their mortgage.
Some homeowners have been fortunate enough to refinance their home loan and get a lower mortgage rate and lower monthly mortgage payment. Mortgage rates have been quite low and homeowners with Bank of America and other lenders have been refinancing in order to lock in these record low rates for a lower monthly mortgage payment.
While Bank of America has not escaped criticism, there have been improvements in the home loan modification program over the past months. However, many politicians and homeowners have been asking lenders to do more to prevent foreclosures and while there have still been many troubles, home loan modification programs are still in place.
Homeowners that are having trouble meeting their mortgage payments are still being advised to contact their lender and ask about options that may be available to help them obtain a lower mortgage payment on their home loan. Various mortgage troubles have called for different programs and while not all lenders are using the same forms of mortgage aid, there are still options available for homeowners who are struggling and qualify.