Homeowners with a Bank of America home loan maybe able to take advantage of the home loan modification program and making affordable extension plans they have been set in place to help struggling homeowners in need of a more affordable home loan payment. Bank of America’s home loan modification program, which is part of the Home Affordable Modification Program set in place by the Obama Administration, has been working with homeowners over the past months to make their mortgage payments more affordable by offering modifications and similar home loan assistance programs.
Bank of America has seen increases in the number of permanent home loan modifications they have made over the past months and have also been working with homeowners through assistance plans like principal reductions, second lien programs, short sales, and deed in lieu of foreclosure plans. Also, the Home Affordable Unemployment Program is set to begin in the coming weeks, which may be of benefit to homeowners who are unemployed and struggling to keep their home.
While the Bank of America home loan modification program has not been perfect, as many homeowners have criticized Bank of America, along with other lenders, there are mortgage modification options available to homeowners in need. Bank of America has also stated that they are offering in-house programs for homeowners who do not qualify for mortgage modifications under the Obama modification plan.
Despite these efforts, many homeowners feel that Bank of America, along with other lenders, needs to do more to help homeowners who are facing foreclosure. While there are homeowners who feel that working with a lender is almost impossible, it is still being advised to homeowners that they contact their lender if they are facing mortgage trouble. Some homeowners have had difficulty in dealing with their mortgage lender but talking with a mortgage servicer is the starting point at which many homeowners must begin their journey to mortgage aid.
While there are outside assistance options that can help homeowners obtain a home loan modification, there are also many scams that are being perpetrated against homeowners who are looking for assistance when dealing with their lender and getting a home loan modification. Yet, if a homeowner feels that working with their lender is not beneficial, they can also consult the Making Home Affordable website for more information and assistance for dealing with the home loan modification process.