Homeowners with Bank of America may have had difficulty getting a trial modification as it was reported in the August 2010 Making Home Affordable servicer report that, through the month of July 2010, 89,791 homeowners had not been accepted for a Making Home Affordable trial modification program. While there have been many frustrations for homeowners and animosity between servicers and those who are seeking foreclosure prevention assistance, there are options available for homeowners who may not find the assistance they seek through the Obama Modification Program.
Bank of America did see an increase in the number of permanent home loan modifications they made, for the month of August, and has added to that number over the past months. Yet, despite these increases in permanent home loan modifications, many homeowners feel that more needs to be done on the part of mortgage servicers to make home loan modifications more accessible to a larger number of individuals.
While there are questions as to whether qualifications and servicer modification practices need to be adjusted, there are reports that state in-house, servicer-direct modification plans have been helping more homeowners than the Making Home Affordable Program. There have been complaints that these in-house modifications are not as cheap as modifications from the Making Home Affordable plan, but there have been many homeowners that have found foreclosure prevention assistance through these plans.
Understandably, modifications are not a perfect solution to housing problems and no lender has implemented these plans in a way that has assisted every homeowner. While there are some who still face foreclosure or even bankruptcy as a result of not being accepted into a trial modification program, it’s hoped that with continued success in the Making Home Affordable Program and in-house modification plans available, more homeowners will find affordable mortgage payment solutions and avoid the loss of their home.