Bank of America Home Loan Modifications And Alternative Foreclosure Prevention Plans

Mortgage servicers like Bank of America are currently able to offer homeowners various mortgage solutions to aid in their foreclosure prevention efforts. Bank of America has been one of the top mortgage lenders and servicers who has participated in the Making Home Affordable Program by offering home loan modification plans for homeowners who risk losing their home.

While Bank of America has seen increases in the number of permanent home loan modifications they have made through the Obama Administration’s modification plan, there have been difficulties that have arisen between homeowners and various mortgage servicers like Bank of America. There are homeowners who believe mortgage servicers have not implemented the modification plan in a way that allowed the maximum number of homeowners to receive assistance, but homeowners who are denied a modification from the Making Home Affordable Program may have other options.

Bank of America, along with other mortgage servicers, is reported to be making alternative modifications to homeowners who have been denied assistance through the Home Affordable Modification Program. New reports are set to be released at the end of September that will give an account of the Making Home Affordable Program, but there are in-house foreclosure prevention modification plans that have been reportedly helping more homeowners than the Obama modification program.

No mortgage servicer has been perfect in their implementation of these modification plans, but it has been said that homeowners have been finding the foreclosure prevention assistance they need through in-house modification plans made directly from banks who are also working with homeowners in the Making Home Affordable Program. While trouble still remains between homeowners and mortgage servicers, and there are still difficulties when it comes to modification plans, it’s hoped that more homeowners can save their home through either the modification program set in place by the federal government or these in-house modification initiatives made directly from mortgage servicers.