Bank of America, one of the top mortgage servicers in the Making Home Affordable Program, has seen increases in the number of permanent home loan modifications that have been made over the past months. However, as of June 2010, Bank of America saw a decrease in the number of trial modifications that are currently active.
In the Home Affordable Modification Program servicer report, for the month of May, Bank of America had 142,824 active trial modifications in progress. This, however, dropped for the month of June to 121,369 active trial modification. These trial modifications are offered to homeowners in need who qualify and are delinquent on their home loan.
Many lenders, like Bank of America, have been criticized for their lack of results in the home loan modification program. Critics ignore increases in permit modifications and look at the overall picture stating that many mortgage lenders have not met the original goal of homeowners assisted through the Making Home Affordable Program.
However, lenders like Bank of America who, as of the June’s Home Affordable Modification Program report had an estimated 469,905 homeowners who were delinquent on their home loan and potentially qualified for a home loan modification. With such a large number of homeowners who qualify many believe that more results should already be apparent in the modification program.
Yet, many lenders argue that not all homeowners are properly taking the steps they must to qualify for a home loan modification and, simply put, not every homeowner will meet the demands of the Home Affordable Modification Program and get a home loan modification.
Homeowners are still being advised to talk with their mortgage lenders if they are having trouble with their home loan payments and the earlier the better. Despite trouble between homeowners and lenders, home loan modifications or alternative Making Home Affordable Programs are available for homeowners in specific situations with certain mortgage assistance needs. While there are some outside sources that can help homeowners in the modification process, it’s advised that homeowners first talk with their lender or consult the Making Home Affordable Program’s website when seeking a home loan modification.