Bank of America Sees An Increase In Permanent Home Loan Modification In August 2010

Bank of America has seen another increase in the number of permanent home loan modifications they have made through the Making Home Affordable Program. According to the August 2010 Making Home Affordable servicer report, Bank of America increased the number of permanent home loan modifications they have made to 79,859, which is up from 76,330 for the month of July.

While active trial modifications fell from 84,741 in July 2010 two 72,851 for August, there are still those who feel that mortgage servicers are making progress for homeowners who face foreclosure. While there is concern that these permanent home loan modifications are slowing for many servicers, increases in the number of permanent modifications have given many homeowners hope.

Yet, there are some reports that state more cancellations are being seen by homeowners who are either redefaulting while in a trial or permanent modification, as there are some homeowners who simply cannot make their mortgage payment even when assistance programs are in place.

The Making Home Affordable Program and mortgage servicers like Bank of America but servicers have also been making in-house modifications for homeowners who may not qualify for a home loan modification or who may have their HAMP modification canceled. It’s hoped that with the Obama Administration’s modification plan still in place and seeing increases, along with in-house modifications, more homeowners may soon find the mortgage assistance and foreclosure prevention help they need.