Bank of America saw an increase in the number of permanent home loan modifications they have made through August 2010. The Making Home Affordable servicer report for the month of August indicated that Bank of America’s participation in the modification program continues to see success but there were trial modifications which were canceled for various reasons and have left homeowners seeking alternative assistance plans.
According to the August 2010 Making Home Affordable servicer report, Bank of America as of July 2010, saw a total of 148,129 trial modification cancellations. While this can be troublesome for many homeowners, there have been options available to homeowners who did not receive the mortgage assistance they needed through the Making Home Affordable modification program.
Sadly, there were some homeowners who did face foreclosure or bankruptcy, but there have also been foreclosure alternative programs offered, like short sale and deed in lieu of foreclosure plans, and alternative modifications directly from mortgage servicers. It has been reported that alternative modifications have actually helped more homeowners than the Making Home Affordable Program, so homeowners who have their trial modification canceled may have alternative options.
Bank of America is reported to have worked with numerous homeowners who had their trial modification canceled to find alternative mortgage assistance plans, but there were some homeowners that faced foreclosure since they were unable to find an affordable mortgage solution. While trouble still remains between mortgage servicers and homeowners, it’s hoped that homeowners who may be unable to obtain a modification from the Making Home Affordable Program will be able to avoid foreclosure through these alternative modification programs.