Bank of America homeowners who have been seeking a home loan modification have seen increases in the number of permanent modifications made from month to month. However, there are far more homeowners who are still in need than those who have been assisted, so when trial modifications are canceled many homeowners are left wondering what is the next step they may take.
For some, there has been alternative modification or assistance plans available from in-house programs that lenders have implemented. As an example, Bank of America has made 26,307 alternative modifications for homeowners who had their trial modification canceled through the Making Home Affordable Program. This number from the July Making Home Affordable report is a total through the month of June 2010. Also, from the June 2010 servicer report, which tracks data through May 2010, it was reported that Bank of America had made only 20,564 alternative modification plans, so a jump was made from May to June.
There was also 812 alternative payment arrangements made through June 2010 between borrowers and Bank of America that did not involve a formal loan modification. Many homeowners feel that a home loan modification through the Making Home Affordable Program is their last line of hope in keeping their home but these in-house assistance plans may offer alternative routes for homeowners who have had their trial modification canceled.
While there are difficulties that remain between homeowners and mortgage servicers, outside sources can also be consulted for homeowners who are looking for some form of mortgage aid. The Making Home Affordable website and Hotline are available to help homeowners by offering information or assistance and, in some cases, homeowners have received help from FHA-approved housing counselors. No mortgage servicer has been perfect in their implementation of mortgage assistance plans and it’s understandable that many homeowners are upset. However, there may be alternative plans for homeowners who are denied a permanent home loan modification but are still looking for ways to save their home.