Bank Of America Foreclosure Prevention And Modification Programs–Can Homeowners Still Modify Their Mortgage?

Bank of America has been in the news as of late concerning questions over foreclosure practices that have been used by various mortgage servicers. However, homeowners who are still struggling to make their mortgage payments and do still have foreclosure prevention and modification program options which may help them find an affordable solution to their monthly mortgage payment dilemma.

Some homeowners are unable to meet the cost of their mortgage at the present time, and home modification programs from Bank of America and other mortgage servicers through the Making Home Affordable Program has provided some solutions in the past. However, arguments that foreclosures were simply too high point to either servicers not doing all they can to provide homeowners with options to avoid the loss of their home or homeowners simply being unable to meet their financial obligations despite assistance plans being offered.

Yet, homeowners with Bank of America can still modify their home loan for a more affordable payment through either the Obama Making Home Affordable Program or from in-house options which may be offered to homeowners directly from mortgage servicers. However, Bank of America also works in areas like second lien modification programs and unemployment assistance, both of which are extension plans from the Making Home Affordable Program.

While there are animosities that remain between servicers and homeowners, and questionable foreclosure practices had many believing that homeowners were unjustly booted from their homes, homeowners who are currently facing default or foreclosure may have options from both governmental and proprietary mortgage assistance plan. Understandably, foreclosures still remain a problem for many homeowners and are likely to continue while unemployment remains high, but homeowners with Bank of America may still have mortgage assistance options despite servicers not having a perfect track record over the past months.