Bank of America homeowners are facing difficulty when it comes to meeting their mortgage payments for a variety of reasons, most notably unemployment. While there have been mixed results for Bank of America and many other mortgage servicers within the Making Home Affordable Program, there have been increases in the number of permanent home loan modifications that have been made over the past months.
However, there are still many homeowners who are delinquent and are in need of mortgage assistance in order to get their home loan financial situation back on track. According to the July Making Home Affordable Program report, Bank of America had a total of 416,879 delinquent homeowners up until that point.
While trial modifications and permanent modifications have been offered to some homeowners, there is concern over the amount of mortgage assistance that is being offered. Reports indicate that many homeowners are upset over their trial modification as some have been either been held in the modification trial phase for too long by certain lenders or they have been denied a permanent modification.
Lenders do mention that one of the main causes of trial cancellations is due to defaults during the trial modification plan, but homeowners believe that more can be done to help them save their home. There are certain mortgage servicers who have aged trial modifications and, as a result, have a backlog of homeowners who are seeking assistance.
Yet, reports indicate that aged trial modifications should have closure in the near future, which could bring more permanent home loan modifications. Despite the fact that it is also reported that over half of homeowners who have a canceled trial modification receive an alternative modification, homeowners are asking that mortgage servicers do more to help with problems like unemployment, underwater mortgages, or other home loan troubles that cause trouble for their opportunity for obtaining a permanent modification.