Bank of America has reportedly been one of the mortgage servicers who has been able to offer homeowners home loan modifications from both the Making Home Affordable Program and from in-house modification plans as well. Homeowner delinquencies and even defaults are still a problem as unemployment remains high in our nation, which many believe is the main reason behind housing troubles.
Homeowners who are seeking a Bank of America home loan modification have had troubles in some cases as top servicers in the modification program have been heavily criticized by homeowners and officials for not doing all they can to assist a greater number of individuals struggling with their mortgage. While no mortgage servicer has been perfect, Bank of America home loan modifications have risen over the past months and there are indications that more homeowners have been assisted through in-house modification plans than from the Making Home Affordable Program.
Again, homeowner delinquencies and defaults are not only problems for consumers but they can pose problems for financial institutions like Bank of America as well. It’s for this reason that servicers like Bank of America and others within the Making Home Affordable Program have implemented in-house modification plans to assist those who may not qualify for an Obama Making Home Affordable modification.
It’s hoped that these initiatives from various mortgage servicers to provide in-house mortgage assistance to homeowners who fail to receive a trial modification or permanent modification from the Obama Administration’s modification plan will give troubled homeowners more options when it comes to keeping their home. Obviously, homeowners with Bank of America want to avoid foreclosure and it is hoped that with increases in the number of permanent modification and availability for in-house home modifications, more homeowners may find the mortgage aid they need to keep their home while they ride out these troubling economic times.