Bank Of America Mortgage Modification Program–Can Homeowners Lower Their Home Loan Payment?

Bank of America’s participation in the Obama mortgage modification program has seen some positive results over the past two months and has afforded homeowners the opportunity to lower their home loan payment from month to month. Many lenders in the Making Home Affordable Program have seen more and more permanent modifications made each month, which is helping many distressed homeowners.

For instance, the April Making Home Affordable Program’s report on modification activity states that Bank of America had 56,398 permanent home loan modifications up to that point. That number rose for the month of May when Bank of America was reported to have made 62,969 permanent home loan modifications.

This is welcome news to homeowners who are in a trial modification and worry that they may be denied the mortgage assistance they need. Many homeowners are very angry and bitter over the way their trial modification or home loan modification application was handled, stating that lenders are unwilling and uncaring when it comes to helping homeowners avoid foreclosure.

There have been problems between lenders and homeowners over the past months and there are investigations that are set to sift out any troubles within the program. It’s hoped that mortgage lenders and homeowners will be able to see more success in the home loan modification program and more homeowners will be able to save their home.

Despite troubles, homeowners are being advised to talk with their lender and consult the Making Home Affordable website if they wish to begin the modification process or have questions. Not every homeowner will be able to obtain mortgage assistance but there are programs still available that are helping those in need, so homeowners should not give up on saving their home.