Homeowners with Bank of America have been seeking foreclosure prevention opportunities through home loan modification programs. Bank of America has been one of the top servicers in the Making Home Affordable Program and has seen increases in the number of permanent home loan modifications they have made from month to month.
However, no mortgage servicer has been perfect in their implementation of these mortgages plans as is evidenced by increased defaults. Reportedly, homeowners with Bank of America and other mortgage servicers have continued to default on their home loan payment even when a trial or permanent home loan modification plan is in place.
Yet, there may be hope for homeowners who have had difficulty making their home loan payments during the Making Home Affordable Program modification plans as it has been reported more servicers are seeing success through private home loan modification plans. These in-house modification opportunities are said to have helped more homeowners than those in the Making Home Affordable Program, despite the fact that defaults still remain a problem in both types of modification programs.
There are still homeowners who are angry with financial institutions over their implementation of these modification plans, but it’s hoped that with alternative options made available through different foreclosure prevention opportunities, that homeowners who are having difficulty with their mortgage can find a foreclosure prevention plan that works.
Understandably, homeowners with Bank of America and other mortgage servicers may continue to see trouble with their home loans and could still face defaults or foreclosure as a result, but it’s believed that with more modification options available, more homeowners may be able to prevent the loss of their home.