Bank of America has been one of the top lenders in the Making Home Affordable Program over the past months and has seen an increase in the number of permanent home loan modifications that have been made. Homeowners have struggled with a variety of mortgage difficulties and both the Obama Administration’s modification program and in-house mortgage aid plans from lenders have been set in place to help these homeowners deal with a variety of mortgage ailments.
For instance, principal reductions, short sell options, and traditional modifications are just a few programs in which homeowners may stand to benefit if they are having difficulty paying their mortgage. Bank of America has more home loans that may potentially qualify for mortgage assistance than any other lender in the Making Home Affordable Program, so their efforts to provide homeowners with options to avoid foreclosure have been heavily scrutinized.
Recently, representatives from some of the major lenders in the modification program attended a congressional hearing in which problems within the modification program and lenders were present and lenders had the opportunity to talk about what they were doing to help homeowners avoid foreclosure. While there have been troubles and the original goal of homeowners assisted through the modification program has not been met, many lenders like Bank of America are using various programs, like a second lien modification program to help homeowners get a more affordable mortgage payment.
Bank of America, or any other lender in the modification program for that matter, has not been perfect and many homeowners are greatly troubled and angered by their experience when seeking a modification. However, banking executives have all stated that it does not benefit their companies to foreclose on homes and these big financial institutions want to help homeowners get a more affordable mortgage. Yet, many have said that homeowners have not submitted proper paperwork or simply did not qualify for one of the Obama Making Home Affordable programs.
However, there are some lenders offering in-house mortgage assistance plans to those who do not qualify for the Making Home Affordable Program. While it is certain that homeowners will still struggle to obtain a modification and many may be denied, there is hope since more homeowners are receiving permit modifications and assistance in other areas from many of the top lenders in the modification program. While there have been difficulties, homeowners should understand that there are still opportunities available for them to avoid foreclosure and get a more affordable home loan payment.
It’s often advised that homeowners contact their lender, keep track of representatives that they speak with while on the phone, and consult the Making Home Affordable website so that they can have the best opportunity of keeping their personal modification process in order and get all the tools that they need to qualify for a home loan modification.