Bank Of America Mortgage Modifications–Will HAMP Modifications Help More Homeowners Than In-House Assistance Plans?

Homeowners with Bank of America still face troubles like foreclosure on their mortgage due to factors related to problems like unemployment. Recently, servicers were questioned over the legality of some foreclosures and, as a result, many homeowners wonder about either the loss of their home or if programs like modifications are truly being implemented to help homeowners in need.

Yet, animosity between mortgage servicers and homeowners is nothing new, as Bank of America and many mortgage institutions have been criticized heavily by homeowners over the past months. Despite the fact that Bank of America continues to work with homeowners to provide modifications through the Home Affordable Modification Program and through alternative, private modification plans, troubles still remain.

Defaults and foreclosures are still occurring despite the fact that mortgage foreclosure prevention plans, like governmental and private modifications, are said to be increasing. Bank of America has seen the number of modifications they have made through the Obama modification program increase, and some reports indicate private modifications have helped more homeowners than those from the government’s assistance plan.

However, there is still concern over the fact that homeowners continue to default while modifications are in place and foreclosures continue to occur across the nation. While homeowners with Bank of America may still have home loan modification options through either the Making Home Affordable Program or from in-house modification assistance plans, homeowners are asking that more effort be made to provide affordable, long term mortgage aid solutions.

It’s hoped that recent questions over foreclosures will not only create a more thorough review of homes that are being ushered into foreclosure, but may also give homeowners who face the loss of their home the opportunity to gain a more affordable home loan payment through these assistance initiatives, so that widespread foreclosures will no longer be common.