Lower Bank Of America Home Loan Payments–Are Home Loan Modifications Helping Homeowners?

Housing difficulties continue for countless homeowners across the nation and, for Bank of America homeowners, there are many who are still seeking mortgage modifications as a result of financial troubles in their life. While Bank of America does still offer home loan modification options, homeowners are beginning to question whether these assistance plans are helping homeowners avoid the loss of their home.

Recently, Bank of America saw a decrease in the number of permanent home loan modifications in the Making Home Affordable Program, from August to September, but homeowners do still have opportunities for mortgage assistance from home loan modifications and proprietary modifications as well.

While many feel that the Obama modification program has begun to slow, homeowners do still have not only traditional home loan modification options from servicers like Bank of America, but may also be able to use in-house modifications as a means of assistance as well. There are also extension programs which are set to address issues like underwater mortgages and unemployment which homeowners have been attempting to take advantage of over the past months.

Understandably, there are homeowners with Bank of America and other mortgage servicers who have been unhappy with foreclosure proceedings which have been questioned over the past months and, even since the implementation of the home loan modification program, there have been homeowners who were upset with the modification process and their experience dealing with lenders.

However, questions over the helpfulness of the modification program can be divided in some areas, as there are homeowners who have seen reductions in their mortgage payment, extensions of their home loan terms to offer more affordable payments, or interest rate reductions in some cases. Yet, these foreclosure prevention programs from Bank of America have also had their troubles but homeowners are still being advised to contact their servicer if their mortgage payment has become problematic due to factors like unemployment.

No servicer has been perfect when it comes to foreclosure prevention assistance, but Bank of America homeowners do still have options when it comes to finding aid for their mortgage payment trouble or taking advantage of opportunities like foreclosure alternatives if the loss of one’s home is inevitable.