Homeowners with Bank of America may have alternative home loan modification options if they are denied a home loan modification plan from the Making Home Affordable Program. There have been reports that many of the nation’s top mortgage servicers, like Bank of America, have offered homeowners modifications from in-house initiatives made directly from lenders.
It’s been said that more homeowners, overall, may have been helped through these in-house home loan modification programs than those who were assisted through the Making Home Affordable Program. While there remains animosity between homeowners and mortgage servicers, especially concerning the Making Home Affordable Program, it’s hoped that these alternative modification plans may provide another avenue through which homeowners may find foreclosure prevention assistance.
There have been homeowners who state that these in-house mortgage modification plans directly from mortgage servicers may not be as affordable as those made from the Obama Administration’s program and there are those who believe mortgage servicers have not used a set criteria on all homeowners making their way through the home loan modification program, which has made it difficult for certain individuals seeking an Obama modification plan.
Yet, in-house alternative modification plans from servicers like Bank of America may actually benefit from using various qualifications and criteria since each homeowner’s financial situation is different and may require various modification plans to be of assistance. While many homeowners still struggle with home loan payments and foreclosure across the nation, it’s hoped that more homeowners will begin to find the mortgage solutions they seek since both Making Home Affordable modifications and in-house alternative modifications have been made available through mortgage servicers.