Homeowners with a Bank of America mortgage who have been attempting to find assistance through Making Home Affordable modification programs may have been met with a difficult route as there are numerous homeowners who report servicers have not converted as many mortgages into modification plans as homeowners would have liked. Obviously, there have been calls for more efforts to be made on the part of servicers like Bank of America to provide mortgage modification assistance to homeowners, but what may be unknown is that proprietary modifications have seen greater success than those made from HAMP.
Proprietary, in-house modifications are reportedly outpacing the Obama Administration’s modification program in the number of homeowners who are receiving assistance. Bank of America is one of the servicers who is said to participate in these proprietary modification programs, which can tailor various modification plans to specific homeowner needs.
There are no set rules to these in-house modification programs, but many are said to mirror the Making Home Affordable Program’s modification plans. Yet, each servicer may use different qualifications or criteria for their in-house modification plans, which could leave room for more homeowners to obtain assistance through these options in the future.
While there are few who would argue that the Making Home Affordable Program has seen minimal success, when compared with the original goal of homeowners who were reported to be helped, there are more opportunities for modification assistance outside of this program, which is good news for homeowners who are in trouble.
Bank of America and other servicers do still receive a great deal of criticism as many homeowners feel these financial institutions are only looking out for their best interest and may not be willing to help homeowners on a large scale. Yet, there has been success stories in terms of not only HAMP modifications but in-house mortgage assistance programs as well.
Understandably, no mortgage servicer has been perfect and mortgage assistance programs have caused a great deal of animosity to arise between homeowners and banks, but individuals who are still facing foreclosure are being advised to contact their mortgage servicer to inquire about these modification programs, as they have helped homeowners in the past avoid the loss of their home.