Homeowners with Bank of America have been seeking a home loan modification in order to make their mortgage payment more affordable. Numerous homeowners across the nation have been struggling with their finances and, as a result, have found their mortgage payment difficult to meet. However, some have found a solution in the Making Home Affordable Program which is administered by servicers like Bank of America.
Yet, a large amount of criticism has been thrown at lenders for what seems to be an unwillingness to help homeowners find solutions for their mortgage difficultly. Many homeowners who are given a modification are unable to meet their monthly mortgage payment even when an assistance plan is in place and some have even had their trial modification plans canceled for various reasons.
Bank of America, according to the July Making Home Affordable Servicer Report has, as of June 2010, 114,989 homeowners who had their trial modification canceled. Typically, servicers site examples like insufficient documents, defaulting while in the trial payment plan, or instances where homeowners’ income is too low or is already below 31% when considering a debt to income ratio.
Countless homeowners across the nation are angry over the state of the housing market and have accused lenders of not doing all they can to help homeowners in need. Examples of this unwillingness come from numbers regarding these cancellations as more and more homeowners find it difficult to obtain a permanent home loan modification.
The June report from the Making Home Affordable program indicated that Bank of America had canceled 100,413 from modifications, so there is evidence that more and more homeowners are losing the opportunity to gain a permanent modification. However, there may be hope through alternative modification plans that are offered from many mortgage servicers. Alternate modifications, alternative payment plans, and short sale or deed in lieu of foreclosure programs are a few options that homeowners may have if they are denied a permanent modification.
There are no perfect lenders in the modification program and many homeowners have become enraged over their experience when seeking a home loan modification or other form of assistance. Yet, there may be help outside of the modification program for homeowners who are attempting to save their home or there could be alternatives to foreclosure for those who simply can no longer afford their home loan payments.