Bank Of America Home Loan Modification Programs–What Assistance Plans Have Helped Homeowners Get Lower Payments?

Bank of America has been one of the top lenders in the Making Home Affordable Program and, in the coming days, a new report is set to be released on the progress of these top lenders who are offering home loan modifications to struggling homeowners.  Home loan modifications and a variety of mortgage assistance plans have been made available from Bank of America and other lenders, but some homeowners are still uncertain about what assistance may be offered for their situation.

Obviously, a common mortgage assistance plan is from the Obama Making Home Affordable modification program. This program has allowed many homeowners to obtain a more affordable home loan payment by either a reduction in their interest rate, mortgage payment obligation, or a combination of both.

Yet problems between homeowners and mortgage servicers have been well documented as some financial institutions have been accused of not doing all they can to help troubled homeowners. However, there are alternative mortgage assistance programs for homeowners who are denied a permanent home loan modification. Lenders like Bank of America have offered in-house modification and mortgage aid plans to homeowners who failed to qualify for the Obama modification program.

Also, there are assistance plans available to homeowners who may be suffering from an underwater mortgage or unemployment and need assistance that may not be offered from a traditional modification. While extension programs continue to work with homeowners who may not qualify for a modification or who need specific mortgage help, more homeowners are finding alternative ways to stay in their home and avoid foreclosure.

Again, lenders have made mistakes and are not perfect in the implementation of these mortgage assistance plans in every case. Yet, there are more assistance options available outside of traditional modifications that may help homeowners keep their home. Many homeowners have simply contacted their lenders to talk over options or consulted the Making Home Affordable website and hotline in order to get additional assistance in the modification program, as well as, find options for their specific home loan situation.