Bank Of America Home Loan Modifications, Foreclosure Prevention, And Mortgage Aid Alternatives For Troubled Homeowners

Homeowners who have a mortgage from Bank of America may have various options when it comes to obtaining mortgage assistance. While the Making Home Affordable Program has drawn mixed results from homeowners who have either been aided from mortgage assistance plans or homeowners who are angry with lenders and the modification program both, there may be more options now available to homeowners in need.

While Bank of America’s permanent home loan modifications have risen from month to month, for this year, there are still some homeowners who are not able to obtain this type of aid. While mortgage modifications are becoming more common, some homeowners simply do not qualify for this type of aid, file improper paperwork, or cannot afford their home loan even during a modification trial period.

Yet, there are foreclosure prevention efforts and alternative mortgage assistance plans available from mortgage servicers like Bank of America. For instance, according to the Making Home Affordable servicer report for June 2010, as of May 2010, 20,564 homeowners who had their trial modification canceled received an alternative modification and 8,729 homeowners who were not accepted for a trial modification obtained an alternative form of modification assistance from Bank of America.

While there are still homeowners who believe that mortgage lenders are not doing all they can to help homeowners avoid foreclosure or obtain modifications, there are also foreclosure alternative plans from many of these top lenders. Programs like the deed in lieu of foreclosure plan and short sale options have been made available to homeowners who simply can no longer afford their home loan payment despite trying to obtain a more affordable home loan.

There are homeowners who have horror stories from a variety of lenders in the Making Home Affordable Program and who believe that reports of success about mortgage assistance are greatly exaggerated. However, homeowners are still believed to have the best chance at obtaining mortgage assistance if they primarily contact their mortgage lender when they began having mortgage difficulty. While none of these lenders or mortgage servicers have been perfect in their implementation of these mortgage assistance plans, homeowners should know that there are options available that may benefit them and allow them to keep their home.