Bank Of America Home Loan Modifications–Can Homeowners Still Find Foreclosure Prevention Assistance?

Bank of America’s home loan modification program, through the Making Home Affordable Program, has once again seen increases in the number of permanent home loan modifications they have made. As of August 2010, Bank of America has made 79,859 permanent home loan modifications with 72,851 active trial modifications in place, as of the Making Home Affordable servicer report.

Yet, there is question as to whether homeowners can still find foreclosure prevention assistance through Bank of America’s modification programs as more homeowners find that making payments, even when modifications are in place, is still difficult. Defaults have remained a problem for many homeowners and there are indications that homeowners who are given assistance have redefaulted in many cases.

However, there are those who feel servicers like Bank of America who offer both in-house home loan modification plans and mortgage assistance from the Making Home Affordable Program can still provide beneficial mortgage assistance options for troubled homeowners. While there has been animosity between Bank of America and homeowners, there are programs that have been set in place to help homeowners find a more affordable mortgage through modifications, underwater home loan assistance, or other programs from the Obama Administration’s Home Affordable Modification Program.

While there remains criticism, homeowners are believed to have a better chance at finding the foreclosure prevention assistance they need since servicers are offering various modification options to homeowners who, in many instances, may be suffering due to factors like unemployment. While no servicer has been perfect in their implementation of foreclosure prevention plans, and homeowners are still unable to meet their mortgage payment in some cases, it’s hoped that more individuals can find mortgage assistance through either of these modification programs and, possibly, save their home.