Bank Of America Home Loan Modification Program And In-House Mortgage Assistance Plans

Bank of America has been one of the top mortgage servicers in the Making Home Affordable Program over the past months and, by working with homeowners through a variety of Obama mortgage assistance plans, Bank of America, along with other lenders, have been able to help homeowners achieve a more affordable home loan payment. However, there have been homeowners who have either been denied a trial or permanent home loan modification, which has caused many to become angry and frustrated with their home loan situation.

Yet, lenders like Bank of America have also been offering in-house mortgage assistance plans to help homeowners obtain a more affordable home loan payment or avoid the foreclosure process. According to a report released for the month of June from the Making Home Affordable Program, Bank of America has provided alternative modifications for a combined total of 29,293 homeowners who were either denied a trial home loan modification plan or had their trial canceled before the they obtained a permanent modification.

Also, homeowners who face foreclosure on their Bank of America home loan have been assisted through short sales or a deed in lieu of foreclosure program. A total of 10,016 homeowners were offered either a short sale option or deed in lieu of foreclosure plan when they either failed to obtain a trial modification or permanent home loan modification on their Bank of America mortgage. Yet, despite the fact that Bank of America has made 72,232 permanent home loan modifications through June 2010, many homeowners are still angry with lenders and the modification program as a whole.

There have been accounts from homeowners who say they were either denied a permanent modification or the terms of their modification are not beneficial in assisting them with the lowering of their home loan payment. While second liens on some homes created an environment where a homeowner’s modification was of little help, a second lien modification program was set in place and is aiding homeowners in this area.  Troubles are still being felt by many homeowners, though, and more people are asking that mortgage servicers make a greater effort to keep people in their homes.

Despite difficulties, homeowners are still being advised to contact their lender if they are having trouble making their home loan payment. While, again, there are those homeowners who have had trouble when dealing with their home loan servicer, there are outside sources that homeowners can use to assist them in the modification program. The Making Home Affordable website and consumer call-center are accessible to homeowners who may be struggling in the modification process and need further assistance outside of their mortgage lender.