Federal housing assistance from Bank of America through the Making Home Affordable Program has helped countless homeowners over the past months who were facing foreclosure. However, criticism against the Obama modification program and mortgage servicers like Bank of America has come from many homeowners who feel that more needs to be done in order to help homeowners obtain more affordable mortgage payment options.
Various economic troubles have caused homeowners to struggle to meet their mortgage payments but many have found aid through foreclosure prevention efforts like modifications. However, there are homeowners who believe that additional efforts need to be made from assistance programs to those who are unable to meet their full mortgage obligation at the present time.
Servicers have been accused of denying homeowners a modification for various reasons but homeowners believe that lenders are simply unconcerned with the majority of troubled homeowners and have little intention of helping them through the modification efforts that are currently available.
However, mortgage servicers like Bank of America have offered alternative modification plans for homeowners who do not qualify for the Obama Making Home Affordable Program. These in-house mortgage assistance alternatives are said to be helping more homeowners than the Obama modification plans but there are those who have their doubts as to whether these alternative modifications will be as beneficial to homeowners as those that are offered from the home loan modification program.
Despite the fact that homeowners with Bank of America, and many other mortgage servicers in the modification program, continue to have their doubts and animosity over the work lenders have done to provide modifications, it’s hope that more homeowners will be aided through modifications as both the Obama Administration’s program and alternative, in-house modifications are still available to assist homeowners in need.