Numerous Bank of America homeowners are looking for foreclosure prevention plans through options like home loan modifications. Lower monthly mortgage payments are vital for some homeowners, who are attempting to save their home while going through difficult financial times in their personal life. Recently, foreclosure troubles have arisen from some servicers, like Bank of America, which has caused many to question whether financial institutions are doing all they can to help homeowners avoid the loss of their home or if economic factors are so troubling that homeowners can no longer make mortgage payments, even with modifications in place.
Bank of America is a major servicer in the Making Home Affordable home loan modification program and has reportedly also offered private home loan modification plans for troubled homeowners as well. Despite increases in the number of modifications through the governmental foreclosure prevention assistance plan, homeowners have still heavily criticized servicers like Bank of America for not doing all they can to prevent widespread foreclosures.
Some reports indicate that Bank of America homeowners who are either given a permanent modification from the Obama Administration’s plan or who are offered a private home loan modification directly from their servicer still have trouble making payments. While some homeowners argued that financial institutions like Bank of America could offer lower-cost modification plans, homeowners who continue to miss payments even within a foreclosure prevention program have many concerned over the economic state of homeowners.
Lenders like Bank of America are still seeing some success when it comes to foreclosure prevention and alternative assistance plans, but with home loan defaults still a problem, questions as to whether homeowners need more affordable modification plans or if factors like unemployment are the cause behind such widespread foreclosures still remains an issue. Yet, private and governmental modifications are still offered by servicers like Bank of America to homeowners who are attempting to save their home. Foreclosures will likely still remain a problem, but it’s hoped that with improvements in the job market and hopeful changes in the foreclosure process, more individuals will be able to avoid the loss of their home in the coming months.