Officials from Bank of America recently participated in a hearing concerning the home loan modification program that was set forth by the Obama Administration in hopes of helping homeowners obtain a more affordable mortgage payment. The Bank of America home loan modification program has been criticized by many homeowners who say that Bank of America and other lenders in the Making Home Affordable Program are not doing all they can to make permanent modifications.
Many of the representatives of the banks working with the Making Home Affordable Program have stated that incorrect paperwork, homeowners missing payments in the trial period for a modification, or homeowners simply not qualifying for a permanent modification have been the cause of what many view to be lackluster results.
However, Bank of America along with many of the top lenders in the Making Home Affordable Program have seen an increase over the past months in the number of permanent modifications made. Also, there are in-house programs from individual lenders that are helping homeowners who do not qualify for the Obama home loan modification program, so there are various options for struggling homeowners.
Yet, there is no denying that the troubles have arisen when homeowners are dealing with their mortgage lender. Mortgage lenders have said that the amount of modifications requested and the number of homeowners who are in need was overwhelming and did create some troubles initially, but as the modification program continues the problems many have experienced are being combated.
While many homeowners have had a very difficult road when trying to obtain mortgage assistance, it still being advised that homeowners should contact the lender and talk over mortgage assistance options if they are facing foreclosure or simply cannot afford their home loan payment any longer. Again, a modification is not always easily obtained but there are numerous plans that homeowners may be able to use to make their home more affordable.