Bank of America Home Loan Modification Program Sees Permanent Modification Increase In July 2010

Homeowners with Bank of America have seen increases in the number of permanent home loan modifications that have been made over the previous months. Bank of America has been one of the top mortgage servicers in the Making Home Affordable Program and has offered modifications to troubled homeowners from both the Obama Administration’s modification plan and in-house mortgage aid options as well.

Reports from the Modification Program indicate that for the month of July, Bank of America has seen another increase in the amount of permanent modifications that have been made. While there remain troubles between homeowners and mortgage servicers like Bank of America, more homeowners are being helped each month through modifications and other assistance plans.

Specifically, Bank of America has, as of July 2010, 76,330 permanent modifications that have been made for homeowners who may be having trouble meeting their monthly home loan obligation. This number has increased from June’s 2010 Making Home Affordable Report which stated that Bank of America had only made 72,232 permanent modifications. Many would see these numbers as a great improvement over the past months as lenders like Bank of America have made drastic leaps in the number of modifications made since the beginning of the year.

In January of 2010, Bank of America had only made 12,761 permanent home loan modifications for homeowners who qualified. Unemployment has taken its toll on homeowners over the past months and many are finding that paying their mortgage is becoming more difficult. Yet, there are instances where a home loan modification is not helpful for a homeowner or a homeowner simply does not qualify.

For cases such as this, homeowners may be able to obtain in-house mortgage assistance from servicers like Bank of America or take advantage of extension programs from the Making Home Affordable Program. Bank of America has been using programs to offer foreclosure alternatives and modifications on second liens so that homeowners may find the assistance they need for their mortgage.

Homeowners who are struggling are still being advised to talk with their mortgage servicer about options that may be available in helping them with their home loan troubles. However, since there are difficulties and tensions that still arise between homeowners and mortgage servicers, homeowners may also consult the Making Home Affordable website or hotline for more information on modifications and assistance for specific modification troubles.