Bank Of America Alternative Modifications And Mortgage Assistance Plans For Lower Mortgage Payments

Bank of America continues to offer home loan modifications from the Making Home Affordable Program, despite having a decrease in the number of permanent home loan modifications from August to September. Bank of America is also participating in the alternative modification programs for homeowners who may find no help from the Obama modification plan or who may need assistance after defaulting within a HAMP plan.

Many mortgage servicers have been offering in-house modification plans and, according to reports, more homeowners have been assisted through these initiatives. While there are still troubles that remain related to factors like unemployment which have caused homeowners to still face foreclosure despite assistance plans being offered, individuals who are seeking lower monthly payments on their mortgage may have various options from private institution programs as well.

According to the Making Home Affordable servicer report, as of August 2010, Bank of America made 41,397 alternative modification plans just to homeowners who had their trial modification canceled. There are some homeowners who have also received assistance after being denied a trial modification or who have simply dealt directly with lenders and bypassed the Making Home Affordable Program.

While there are those who feel modification programs are beginning to slow due to a stale economic recovery and high levels of unemployment, options for lower monthly mortgage payments are still available through various modification and Making Home Affordable extension programs. Plans which address underwater mortgages, unemployment, and factors like a second lien on a home are still available, but homeowners are often advised to contact their servicer as soon as financial difficulties arise.

Foreclosure prevention plans are still in place, but they are no guarantee to finding affordable solutions to a homeowner’s predicament. Some individuals have simply been unable to meet mortgage costs despite these reduced payment plans, but homeowners may have a higher likelihood of keeping their home if they address their financial issues early rather than waiting until their mortgage debt becomes too problematic.