Homeowners with Bank of America have been able to obtain a lower monthly mortgage payment through a home loan modification. However, there have been opportunities for some homeowners to refinance their home loan, which with current low interest rates has made homes more affordable as well.
Bank of America has seen increases in the number of permanent home loan modifications that have been made over the past months. The Making Home Affordable Program has provided mortgage assistance opportunities for troubled homeowners by offering a lower monthly mortgage payment. This, obviously, has been helpful to anyone who has struggled to meet their home loan payment but there have been difficulties between homeowners and mortgage servicers when it comes to the Obama modification program. While many mortgage servicers are offering in-house mortgage assistance plans for homeowners who do not qualify for a Making Home Affordable modification, homeowners still believe that many servicers are not doing all they can to provide assistance.
Despite trouble in the modification program, there have been opportunities for certain homeowners to use refinancing as a way to lower their monthly mortgage payment or overall home loan costs. Homeowners who can afford to do so and are in the financial position to take advantage have been able to refinance their home loan and lock in a lower monthly mortgage rate in some cases. Mortgage interest rates have been quite affordable over the past months and homeowners have been able to refinance for a lower rate and mortgage payment.
However, not all homeowners have benefited from these programs and, have faced home loan payment difficulties as a result. Yet, Bank of America homeowners who may be able to refinance for a lower mortgage interest rate do not have to work with their primary lender to do so. On the other hand, homeowners who are in need of a home loan modification are often advised to begin the process by talking to their primary mortgage servicer or consulting resources like the Making Home Affordable Program website or hotline for guidance.