Bank Of America Home Loan Modification Mortgage Assistance–What Plans Can Homeowners Use?

Homeowners with a Bank of America home loan have been seeking mortgage assistance in the hopes of getting a more affordable home loan payment or help for an underwater mortgage, among other things. Various troubles from a loss in the value of homes to unemployment have caused many mortgage woes for homeowners who were comfortably paying their home loan months prior.

There has also been many complaints and criticisms of Bank of America and other lenders in the Obama Making Home Affordable Program. However, lenders like Bank of America have been seeing increases in the number of permanent home loan modifications that have been made from month to month.

Also, programs like principal reductions, underwater forbearance options, and foreclosure prevention plans had been offered to help those who are in need of aid and a mortgage situation where a modification simply would not help. Bank of America is one of the lenders in the Obama Making Home Affordable Program who has also been offering in-house mortgage assistance options for homeowners who may not qualify for a traditional home modification through the Obama program.

While there have been troubles, lenders have stated that they are working to make modifications and mortgage assistance more available to homeowners, as well as offering alternative programs to foreclosure for those who simply will be unable to stay in their home. Homeowners were still being advised to talk to their mortgage lender or consult the Making Home Affordable Program’s website in order to get more information or assistance on getting a more affordable home loan.