According to recent reports by the Making Home Affordable Program, Bank of America has seen a slight decrease in the number of permanent home loan modifications they made as of September 2010. While there are many who feel that the modification program is beginning to slow overall, there have been some servicers who have seen continued increases, and Bank of America had been one of those institutions.
While this number is not reflective of in-house modifications Bank of America may have made, there was a decrease in permanent modifications from August to September as Bank of America saw their permit modifications drop from 79,859 to 78,905 active permanent modifications.
Recently, Bank of America was in the news over questionable foreclosure documentation practices and this has caused many homeowners to wonder whether proper mortgage assistance has been offered on a wide scale to homeowners in need. While Bank of America reported that there were some mistakes on foreclosure documents, it was stated that these mistakes did not constitute an improper foreclosure proceeding, rather minimal procedural problems which had no bearing on whether a homeowner should have faced foreclosure or not.
While homeowners do still continue to struggle with the possibility of foreclosure and continue to seek home loan assistance, Bank of America, again, has offered proprietary modifications for homeowners, which are reportedly more successful than the Making Home Affordable Program, and they are also participating in mortgage assistance extension programs like the second lien modification program.
Homeowners who are still struggling to make financial ends meet and meet their monthly mortgage payment obligation are still being advised to contact their servicer for mortgage assistance options. Obviously, Bank of America homeowners who are having trouble may have a better opportunity to find foreclosure prevention assistance if they begin the modification process earlier before their financial troubles become overwhelming.