Home loan modifications from Bank of America increased in the month of August from previous months, according to the Making Home Affordable servicer report. There have been increases for many mortgage servicers in the area of permanent home loan modifications, but there are also reported to be alternative mortgage modification assistance plans available directly from servicers like Bank of America that may have helped more homeowners overall.
There remains trouble between mortgage servicers and homeowners as unemployment causes a great deal of strain on the personal finances of many individuals, which has led to troubles in the housing market. Understandably, troubled homeowners are under a great deal of stress to find mortgage payment solutions and when they are met with a difficult road when seeking a home loan modification, animosity often arises.
While there have been homeowners who have faced foreclosures, defaults, or have had to file bankruptcy as a result of not finding mortgage modification assistance plans to be beneficial, there is hope for some as Bank of America and other servicers who are working both within the Making Home Affordable program and also offering alternative mortgage modification plans have provided numerous modification options.
Homeowners with Bank of America may be able to either talk directly with their mortgage servicer or work with HUD-approved housing counselors while seeking a modification in order to find the most affordable home loan assistance option for their financial situation. Again, Bank of America and other mortgage servicers have not been perfect in their implementation of these programs, but there are indications that more is being done to help homeowners avoid the loss of their home.
While foreclosures still remain a problem and modification programs may be unhelpful for some, it’s believed that more homeowners may now find the home loan aid they have been seeking from either the Obama Administration’s modification plan or alternative modification programs directly from financial institutions like Bank of America.