Bank Of America Home Loan Modifications, Alternate Modifications And Refinancing For Lower Mortgage Payments

Bank of America has numerous homeowners who are looking for a way to either make their mortgage payments more affordable out of necessity or who are simply in a financial position that will allow them to benefit from current low mortgage interest rates that are being offered. While the homeowners who are in a position to use one of these mortgage reduction methods will greatly differ, mortgage servicers like Bank of America have been offering ways for homeowners to obtain a more affordable monthly mortgage payment.

The home loan modification program that is being used by Bank of America, from the Making Home Affordable Program, has aided many homeowners over the past months who came upon financial difficulties as a result of factors like unemployment. More homeowners are seeing permanent modifications made but there are still troubles that remain and issues that must be addressed by mortgage servicers as many homeowners are still losing their home despite these mortgage assistance plans being made available.

Many homeowners believe that mortgage servicers are not doing all they can within the Making Home Affordable modification program, and angry individuals believe that more must be done in order to prevent homeowners from going into foreclosure. Some mortgage servicers, like Bank of America, have offered in-house modification plans for those who are denied assistance from the Making Home Affordable Program. However, despite the fact that some have been aided by either the Obama modification plan or in-house alternative modifications from the lenders themselves, there are still homeowners who are unable to benefit from these types of assistance plans.

However, on the other side of the coin are homeowners who are in a stable financial position and are able to lower their mortgage rate and payment through refinancing. Mortgage interest rates are quite low at the present time and while Bank of America is not the only mortgage servicer who has been offering low interest rates on home loans, there have been numerous homeowners who have either refinanced to get a more affordable monthly mortgage payment or have shortened their mortgage term so they can erase their home loan debt faster and at less cost overall.

Understandably, homeowners who are still troubled by underemployment or unemployment remain frustrated but with the call for more effort to be made from both servicers and the modification program, it’s hoped that homeowners who are at risk of foreclosure may find the aid they need from either an in-house modification plan or the Making Home Affordable Program. Yet, homeowners who are looking into refinancing are often advised to make sure they are in a financial position to both afford and benefit from refinancing before they proceed.

While both of these options have brought more affordable payments and home loans to many, the financial uncertainty that many homeowners face still has many people calling for more affordable solutions on a wider scale.