Bank of America has been one of the top lenders in the Making Home Affordable Program and has offered a variety of mortgage assistance options for homeowners who are struggling to make their mortgage payments. Typically, home loan modifications have been used to offer homeowners a more affordable home loan payment, so that they may avoid foreclosure, but there have also been alternative home loan assistance plans offered from a variety of the nation’s top lenders.
As far as traditional modifications go, Bank of America has seen an increase in the number of permanent home loan modifications they made for homeowners through the Obama Making Home Affordable Program. For instance, the Home Affordable Modification servicer report for January 2010 indicated that Bank of America had only made 12,761 permanent home loan modifications. However, the report for June 2010 showed that 72,232 homeowners had received a permanent modification on their home loan.
While there have been troubles between homeowners and lenders, there are more solutions being offered from lenders and the Obama Administration in order to help homeowners avoid the loss of their home. While some homeowners have been accused of not submitting proper paperwork, missing payments in the trial modification period and simply not qualifying for a home loan modification, there have been accusations against lenders by officials and homeowners as well who believe that mortgage servicers are not doing all they can to help those in need.
Yet, lenders like Bank of America have been offering a variety of alternative home loan assistance options for homeowners who may not qualify for a Making Home Affordable modification plan. Alternative modification and payment plans have been offered to certain homeowners who were either not a trial modification or had their trial canceled. Also, some homeowners who either had an underwater mortgage or were simply in a financial situation where they could no longer afford their home loan even with assistance have been offered certain foreclosure alternative plans. Short sale options and deed in lieu of foreclosure plans have helped many homeowners avoid the foreclosure process in cases where their home has either lost value or they can no longer afford their mortgage payments.
There are some homeowners who still distrust mortgage servicers, and there have been troubling stories from homeowners who have seemingly dealt with lenders that were unconcerned about providing assistance, homeowners are still advised to contact their mortgage servicer if they’re having trouble. Yet, those homeowners who are having difficulty dealing with their lender in the modification process may also consult the Making Home Affordable website or hotline, as well as, work with housing counselors that are approved by the Department of Housing and Urban Development in cases where this type of assistance can be beneficial.