Homeowners with a Bank of America home loan may find they have multiple options when seeking mortgage assistance. Trouble between homeowners and mortgage servicers have led to the creation of not only alternative mortgage assistance programs, but also, there has been the call for more results in the Making Home Affordable modification program.
Bank of America has been one of the top mortgage lenders in the Making Home Affordable Program and they have seen an increase in the amount of permanent home loan modifications that have been made over the past months. For instance, as of June 2010 Bank of America has made 72,232 permanent home loan modifications for troubled homeowners through the Making Home Affordable Program.
However, many argue that these numbers aren’t enough as the Making Home Affordable report for June 2010 also states that those permanent home loan modifications are out of a total of 469,905 homeowners that may potentially qualify. While not all homeowners will qualify for a home loan modification, the vast amount of troubled homeowner has led mortgage servicers to offer alternate options.
As an example, Bank of America is one of the mortgage lenders who offers alternative assistance plans through in-house programs for homeowners who may not qualify for a permanent modification through the Obama Administration’s Making Home Affordable Program. Alternative home loan modifications or payment plans, refinancing opportunities, short sale, and deed in lieu of foreclosure plans have been offered by many lenders to homeowners in need.
While struggling homeowners are still being advised to talk with their mortgage servicer about mortgage assistance options, there are also options like the Making Home Affordable website and hotline that can aid troubled homeowners. In some cases, HUD-approved housing counselors can also be consulted for homeowners that are simply lost in the modification process or who need other forms of mortgage aid.
Not every homeowner is guaranteed a mortgage modification or alternate form of assistance, but there are now more options available to those who are struggling to make their home loan payment more affordable and in need of a mortgage assistance plan.