Bank Of America Federal Loan Modification Programs And Alternate Modification Programs

Bank of America has assisted homeowners over the past months by offering a home loan modification from the Making Home Affordable Program. Yet, there have been difficulties between mortgage servicers and homeowners and there is an overall consensus that the modification program initiated by the Obama Administration may not have helped as many homeowners as it possibly could.

There are many homeowners who put this lackluster performance on the shoulders of mortgage servicers like Bank of America but there are homeowners who simply may not qualify for a home loan modification under the Making Home Affordable terms. However, there have been alternative programs available directly from mortgage servicers to help homeowners avoid foreclosure.

Alternate modification plans from lenders like Bank of America are said to be outpacing homeowners who receive a modification from the Making Home Affordable program. While there remains troubles between homeowners and mortgage servicers, it’s believed that these modification options may prevent more foreclosures as homeowners continue to struggle with their mortgage obligations due to factors like unemployment.

While there are homeowners who believe mortgage servicers have little or no intention of helping homeowners avoid foreclosure, there are those who see hope from these in-house alternative modification plans. It’s understandable that no mortgage servicer has been perfect in their implementation of home loan modification plans but it is believed that if homeowners can either take advantage of a modification through the Making Home Affordable Program or in-house modification programs directly from mortgage servicers then a greater number of homeowners can be assisted.

There are arguments that these alternative modification programs directly from mortgage servicers may not be as cost-efficient for a homeowner as a modification from the Making Home Affordable Program, but many homeowners are simply looking for a way to obtain a more affordable home loan payment and may find an alternative modification as the way to do just that if they are rejected from the Federal home loan modification program.