Homeowners who have a Bank of America home loan have, along with homeowners with various lenders across the nation, been struggling to make their home loan payments as a result of many financial troubles that have been facing many in our nation. Unemployment is one of the main causes for housing troubles and required that the Obama Administration to propose home loan modifications through various mortgage lenders like Bank of America.
Those who were struggling to make their home loan payment have been able to benefit from home loan modifications over the past months as Bank of America, along with other mortgage lenders, have seen increases in the number of permanent home loan modifications they have made. While there are still troubles between homeowners and lenders, modifications have been one of the most popular ways in which homeowners can keep their home by obtaining a more affordable payment.
Not all homeowners have been able to obtain a permanent home loan modification and, as a result, alternative plans have been set in place to help homeowners who do not qualify for the Making Home Affordable Program. While many homeowners have still faced bankruptcy and foreclosure, there are now more options available to homeowners who are struggling to make their home loan payments and are in need of certain types of mortgage aid.
Yet, interest rates on home loans have been low over the past months, which has allowed many homeowners who are in a good financial position to refinance their home loan for a lower rate and monthly mortgage payment. While not all homeowners will benefit from this type of refinancing, homeowners who have equity built in their home, a good credit score, and can afford the costs that come with refinancing, have been able to take advantage of these low mortgage rates that have been at near-record lows on many types of home loans.
Homeowners who are looking for refinancing options can consult lenders outside of their primary mortgage holder, but again, before refinancing a home owner must make sure it will be in their best interest. Homeowners who are looking for a modification will have to work with their primary lender in order to begin the process of obtaining a more affordable mortgage. While there are some homeowners who believe lenders are not doing all they can, outside sources can also be consulted, like the Making Home Affordable website or hotline. There also may be HUD-approved housing counselors that can assist homeowners who are having difficulty obtaining the mortgage aid they need through the modification program.