Bank of America has been one of the top mortgage servicers to help homeowners who may have trouble making their home loan mortgage payment through home loan modification plans. Additionally, these modifications were offered from the Making Home Affordable Program, but reports have indicated that more homeowners are receiving assistance through in-house modification initiatives may directly from mortgage servicers.
Many homeowners have been upset with their participation or experience in the Making Home Affordable Program as there have been numerous cancellations and denials of trial modifications or permanent home loan modification plans. Yet, there is hope that servicers like Bank of America may be able to offer homeowners who are denied assistance through the Obama Home Affordable Program an alternative route to foreclosure prevention.
Understandably, homeowners who have been met with difficult financial times are looking for ways to make their home loan payments more affordable, but there have been homeowners who believe that more effort needs to be put into the program on the part of financial institutions and, as a result, animosity between homeowners and mortgage servicers has arisen.
Yet, with reports on the August numbers from the Making Home Affordable Program set to be released in the coming days, it is believed that permanent modifications will have increased for homeowners who were seeking a modification, but there is also belief that in-house mortgage modification plans will have also continued to benefit homeowners who are struggling to save their house.
While mortgage servicers like Bank of America have not been perfect in their implementation of these home loan assistance programs, with various options available for homeowners who may be seeking foreclosure prevention assistance, it’s hoped that homeowners with Bank of America can find an affordable solution to their mortgage trouble until financial conditions allow these homeowners to resume regular payments on their home loan.