Bank of America homeowners who are having trouble with their mortgage may be able to benefit from foreclosure prevention plans that have been set in place to help homeowners obtain a more affordable home loan payment or simply avoid the foreclosure process. A wide range of mortgage trouble has brought hardship on many homeowners but there are programs from both the Making Home Affordable Program and from lenders themselves that have been set in place to assist homeowners.
In cases where homeowners simply want a more affordable home loan payment, there are traditional mortgage modification programs, principal reduction offers, and an upcoming forbearance program for unemployed homeowners that may make a mortgage more affordable for troubled homeowners. While there have been troubles and Bank of America has been one of the many lenders that has been criticized for their efforts in the modification program, there are more and more permanent home loan modifications being made monthly.
Also, homeowners who may have an underwater mortgage and owe more on their home and their home is worth, may have ways of dealing with this situation as well. Some homeowners are able to either short sell their home or participate in the deed in lieu of foreclosure program which is hoped to allow homeowners to get out of their mortgage obligations without facing the foreclosure process.
Homeowners with Bank of America will need to contact their mortgage lender or consult the Making Home Affordable Program’s website for more information and tools to assist them in their particular mortgage situation. Again, there have been troubles in the modification program and not all homeowners have had an easy road when it comes to getting mortgage assistance, but there are still assistance plans available to help those in need.