Bank of America has been one of the large servicers who has participated in the Making Home Affordable Program in order to offer homeowners a more affordable home loan through a mortgage modification plan. However, there have been many homeowners who were either denied a trial modification or had their trial modification canceled, which obviously has left some looking for alternative foreclosure prevention options.
Yet, while reports about troubles between lenders and homeowners, and the home loan modification program in general, have been well documented, there are also reports that homeowners who are denied a permanent home loan modification from the Obama Making Home Affordable Program may find alternative mortgage assistance from in-house plans offered by mortgage servicers.
According to the July Making Home Affordable servicer report, homeowners with Bank of America who had their trial modification canceled did receive alternative modifications in some cases. It’s reported that 26,307 alternative modifications were given to homeowners who had their trial modification canceled and 8,759 alternative modifications were given to those homeowners who were not accepted for a trial modification.
There are still many angry homeowners who feel the mortgage servicers are unwilling to work with homeowners and, some reports have stated that these alternative modification plans may not always be helpful or as beneficial as a permanent modification from the Making Home Affordable Program, but they have aided some homeowners. Yet, despite the fact these alternative modification plans have been offered by a variety of mortgage servicers, there are still homeowners who feel more needs to be done and mortgage servicers need to make a greater effort to assist homeowners in need.