Bank of America is one of the nation’s largest mortgage servicers and has been participating in the Obama Making Home Affordable home loan modification program, which has been set in place to help homeowners who are struggling to meet their mortgage payments. Typically, homeowners are struggling to make their home loan payments due to a loss of income from either unemployment or a cutback in their wages, but assistance plans have been made available from the Making Home Affordable plan in order to help homeowners avoid foreclosure.
While there are options available for homeowners from lenders like Bank of America, there are also troubles that remain. Many homeowners are angry over the lack of assistance that has been offered and, obviously, when a homeowner is denied a trial or permanent modification from the Obama Making Home Affordable plan, there is a great deal of frustration and criticism thrown at mortgage servicers.
There are reports and homeowner testimonies that differ in many cases, but there are home loan modifications being made each month and, for Bank of America, the number of permanent home loan modifications is reported to be on the rise according to the Making Home Affordable servicer reports over the past months. Also, there have been reports that say homeowners are getting more assistance from in-house programs that are available directly from lenders and alternative assistance outside of the Obama modification program.
However, many homeowners are still frustrated over being denied assistance from various lenders and feel that more needs to be done. Many homeowners are rejected from a home loan modification plan for reasons that range from filing improper paperwork, defaulting while in a trial modification plan or having a debt to income ratio that is already below the percentage that is offered through a home loan modification plan from the Obama Making Home Affordable Program.
Despite the fact that some homeowners have had trouble in the modification program, and even though there are alternative modification programs available, many homeowners are turning to sources like the Making Home Affordable homeowner hotline to voice complaints over their experience with mortgage servicers while they were attempting to gain a modification on their mortgage.
No mortgage servicer has been perfect in their implementation of the modification plan but it is also understood that not every homeowner will qualify for mortgage assistance and may have no other choice but to lose their home. However, many homeowners who are troubled to feel that there is more that can be done and the number of homeowners who could be assisted should be greater. While various programs are still in place from lenders like Bank of America, homeowners remain in a position of financial difficulty due mainly to unemployment and are asking that mortgage servicers make a greater effort to provide assistance plans that are affordable at the present time.