Bank Of America Modifications And Foreclosures–Housing Troubles Remain But Homeowners Still Seek Assistance Plans

Housing problems still remain for many Bank of America homeowners who are facing foreclosure and seeking home loan modification assistance. Bank of America, which has suspended foreclosures on countless homes across the nation, has been one of the top home loan modification providers to homeowners over the past months through the Making Home Affordable Program and private modification programs as well.

However, recent questions over the handling of foreclosure documents has caused foreclosure suspension proceedings for various servicers in numerous states. Understandably, homeowners are angry that foreclosure documents may have been improperly processed, but there are those who say homeowners, in the majority of cases, who defaulted on their home loan will unlikely have little recourse despite the questions which have arisen concerning these foreclosure proceedings.

Homeowners with Bank of America are still seeking assistance to help them prevent the loss of their homes through modifications offered from the governmental modification plan and in-house modification plans as well. While there have been mixed results and what many believe to be a lackluster performance concerning the home loan modification program, there are still homeowners who are getting assistance plans which will help them avoid the loss of their home.

Yet, there are many who are questioning whether these assistance programs and mortgage servicers are doing all they can to help homeowners avoid the loss of their home. While Bank of America, again, has seen increases in their home loan modification data, numerous homeowners are still unable to meet their mortgage payment despite having these assistance programs offered.

While some homeowners continue to blame these financial institutions, there are others who feel that mortgage servicers and modification programs are not to blame, but factors like unemployment are at the root of these foreclosure problems. Homeowners, who may be unemployed, obviously will have a difficult time meeting any mortgage payment, no matter if it’s from a modification program or not.

While many servicers like Bank of America are working with extension programs from the Making Home Affordable Program, which may offer forbearance options for unemployed homeowners, there is still the high likelihood that homeowners may default on their mortgage even when they are offered a modification or other assistance plan. There have been mistakes on the part of mortgage servicers and homeowners when it concerns foreclosure prevention efforts, but in the end, there are many who feel that economic factors like unemployment or underwater mortgages are simply too difficult to be successfully combated on a large scale, when it concerns preventing foreclosures.