Despite recent foreclosure reviews, Bank of America still offers home loan modification opportunities for homeowners who may be struggling with their monthly mortgage payments. Defaults and foreclosures remain a present problem for many homeowners and servicers, as unemployment and other economic factors continue to take their toll on the personal financial lives of many homeowners.
Yet, Bank of America has still seen growth when it comes to home loan modification plans offered, but there are some homeowners who have either not qualified for this form of assistance or claimed they were denied a home loan modification despite meeting the Making Home Affordable requirements.
While complaints from homeowners are not exclusive to Bank of America, there are still homeowners who are facing the loss of their homes through foreclosure because they have not been able to take advantage of a modification program. Yet, there are cases where homeowners cannot benefit from a home loan modification due to factors like a second lien on their home or unemployment.
Homeowners with Bank of America may be able to benefit from extension plans that are being offered or set to be offered from servicers working within the Making Home Affordable Program. Second Lien Modification Programs and unemployment forbearance assistance are just a few extension opportunities homeowners may have when it comes to finding a more affordable mortgage payment.
There is also a principal reduction initiative set to begin in the fall of 2010, not to mention reports that proprietary modifications have assisted a greater number of homeowners than modifications from the Obama Administration’s program.
Bank of America and other servicers within the modification program have not been perfect in their implementation of these assistants plans, but there are factors in some cases which simply make home loan modifications unhelpful. It’s hoped that, in the coming months, with both modifications from the Making Home Affordable program and proprietary plans, along with alternative mortgage assistance plans, more homeowners may find the mortgage payment reduction options they seek.