Continued trouble with foreclosures is something that has plagued Bank of America homeowners, as well as numerous other financial institutions across the nation. Bank of America does still offer mortgage modification assistance to homeowners through the Home Affordable Modification Program and in-house assistance plans which are hoped to assist homeowners by offering foreclosure prevention options.
Yet, homeowners are still facing difficulties even when these programs are in place as numerous troubles have arisen for homeowners and within these modification programs as well. Bank of America is not alone when it comes to servicers who have seen homeowners redefault despite having mortgage assistance plans in place, but reports have stated that proprietary modifications are outnumbering governmental mortgage assistance plans, and this may be helpful for a greater number of homeowners.
Bank of America’s home loan modification program has seen success over the past months and there have been increases from January to September, according to reports from the Making Home Affordable Program. Yet, homeowners are still being either denied the assistance they seek or, for some, they feel that the plans offered are simply too costly and will be unhelpful to homeowners in the majority of cases.
Questionable practices over foreclosures have caused a strain on many of these financial institutions’s foreclosure claims, and it’s understandable that homeowners have become angry over the possibility that they had lost their home without being properly offered an alternative payment plan or having employees not review their case thoroughly.
However, financial institutions like Bank of America have stated that questions over foreclosure practices were strictly confined to procedural requirements and homeowners who have lost their home did so because they had defaulted or could no longer make payments within a mortgage modification plan. Yet, the continuing problem of foreclosures is something homeowners are asking servicers to address, as mortgage modification efforts from services like Bank of America are not helping as many homeowners as some feel they should.
While troubles remain for homeowners, advisers are suggesting that they talk with their servicer early if they feel their mortgage payments may become problematic down the road. Modifications are no guarantee but homeowners who address mortgage problems early may stand a better chance at getting affordable assistance solutions.