Home loan modifications from Bank of America have been used in the hopes of preventing foreclosure for homeowners who have had difficulty meeting their monthly mortgage payment obligations. However, recent troubles concerning foreclosure practices have also led homeowners to question whether home loan modifications help homeowners or if servicers like Bank of America are doing all they can to prevent foreclosure.
Bank of America is still one of the nation’s top servicers who has been working within the Making Home Affordable Program to assist homeowners through foreclosure prevention efforts. Yet, despite reports that indicate home loan modifications from the Making Home Affordable Program and in-house proprietary modification plans have helped numerous homeowners over the past months, home loan defaults remain a problem.
Also, there is concern over the high number of foreclosures which have been taking place in the housing industry, as servicers are being accused of processing foreclosures in the hopes of reselling these homes to recoup any losses they may have sustained from homeowners who are struggling financially.
However, Bank of America still continues to offer various mortgage assistance plans and works with homeowners through extension opportunities available from the Making Home Affordable Program. While there are homeowners who claim servicers are not doing all they can, institutions like Bank of America who have been charged with implementing these assistance plans point to the fact that unemployment plays a major role in foreclosures and defaults.
Yet, difficulties still remain within the foreclosure process and home modification programs, but servicers like Bank of America are still making assistance options available to homeowners who may need to restructure their mortgage at the present time so as to avoid missing payments. Also, it’s hoped the questions which have been presented over the procedures used to process foreclosures will also bring about changes in foreclosure prevention plans and bring more solutions to problems being faced by homeowners at the present time.