Homeowners with Bank of America may have had trouble getting a home loan modification from the Making Home Affordable Program in some cases, and were left wondering what options may be available when they were denied assistance. Servicers like Bank of America report that some homeowners have filed improper documentation, and defaulted when a trial program is in place, or simply have a debt to income ratio that is too low for them to be considered for a modification.
Yet, homeowners are still angry over the fact that some have been denied help through the Making Home Program and have heavily criticized servicers like Bank of America. Recently, Bank of America suspended foreclosures in some states due to questions over whether they were properly reviewed, and occurrences like this have only added fuel to the fire of the frustration of homeowners.
However, Bank of America homeowners may have alternative mortgage assistance options if they are denied a home loan modification from the Obama Administration’s mortgage modification program. While not every homeowner may qualify for these alternative plans, mortgage servicers are not only offering direct assistance, but there are also extension plans from the Making Home Affordable Program that can be helpful.
In-house home loan modification plans have been offered to homeowners, reportedly at a greater number than HAMP modifications, to homeowners who may be denied a trial home loan modification or permanent home loan modification plan through the governmental assistance plan.
Also, foreclosure alternative programs, forbearance options, underwater mortgage assistance, and second lien modifications may be available in some cases where homeowners are facing default or foreclosure. While not all Bank of America homeowners may qualify for these programs, there are those who have been denied HAMP assistance but have found an affordable foreclosure prevention options from alternative programs.
While low interest mortgage refinancing opportunities are still available and have helped some homeowners gain a lower monthly mortgage payment, Bank of America homeowners still have various options when it comes to foreclosure prevention. While talking with a mortgage servicers is usually the first step a homeowner should take when seeking home loan assistance, resources like the Making Home Affordable Website are also available to answer homeowners’s questions.