The Bank of America home loan modification program has been seeing increases in the number of permanent home loan modifications that have been made. Many homeowners have been calling for more action on the part of mortgage servicers and the Making Home Affordable Program, and for the most part, many of these mortgage lenders have been seeing jumps in the number of homeowners who receiving a permanent home modification.
For instance, according to the May Making Home Affordable report, Bank of America had made 62,969 permanent home loan modifications up to that point. Yet, for the month of June, that number increased to 72,232 permanent home loan modifications made. Many see this as a positive since countless homeowners are still in need of some form of mortgage assistance to make their home loan more affordable.
However, there have been many homeowners who are angry with the lenders who are participating in the Making Home Affordable Program and, as a result, there have been questions as to whether the servicers working with homeowners truly want to help those in need. Some homeowners accuse lenders of having an uncaring attitude towards homeowners while others believe that mortgage lenders are not doing as much to help homeowners as it would seem.
Yet, mortgage lenders cite the fact that not every homeowner qualifies for a modification and some homeowners improperly filed paperwork which hinders their home loan modification progress. While there are two sides of this argument, homeowners do still have options when it comes to mortgage assistance plans.
Extensions of the Making Home Modification Program, like principal reductions, second lien modifications, and an upcoming unemployment assistance program have all been set in place to help those homeowners who were unable to make their home loan payment.
While some homeowners still feel that banks could do more, and should do more, homeowners are still being advised to first contact their mortgage lender if they are having trouble making their home loan payments. There are those who believe that contacting their lender for mortgage assistance help is a futile act, so there are sources outside of lenders who can help homeowners began the modification program.
However, there are many warnings about these outside modification sources as scams have been perpetrated against many homeowners, so there is caution when it comes to dealing with a company who is offering home loan modification aid. Again, many homeowners can either speak with their lender or consult the Making Home Affordable website for more information on home loan modifications.