Homeowners who have a Bank of America home loan may find that loan modification programs are available to assist them in obtaining a more affordable home loan payment. Bank of America is one of the top mortgage servicers in the Making Home Affordable Program and as a result have been able to offer modifications on home loans for their customers.
Home loan modifications have been on the rise for many lenders as the number of permanent modifications made continues to increase from month to month. Also, extensions of the Making Home Affordable Program has helped many homeowners who are in need of specific mortgage assistance, like those who are unemployed or have a second lien on their home loan.
Bank of America has also offered homeowners short sell options, deed in lieu of foreclosure plans and also has been able to provide alternative mortgage assistance to homeowners who may not qualify for a home loan modification through the Obama modification plan. While there have been troubles between Bank of America and some homeowners, solutions have been proposed and implemented in order to help homeowners who are struggling in the modification process.
No mortgage servicer has escaped criticism or has been perfect in the modification program, and Bank of America has not gone without their share of criticism. Yet, homeowners can still speak with their mortgage servicer about modifications or mortgage assistance options if they are struggling to make their home on payment. However, homeowners who may be unwilling to work with mortgage lenders can also consult the Making Home Affordable website or hotline, as well as, housing counselors that are approved by the Department of Housing and Urban Development.
Again, not all homeowners have seen the assistance they need to keep their home, but more programs have been proposed and implemented by mortgage lenders over the past months so homeowners now have more mortgage aid options than ever before to help them keep their home and avoid foreclosure.