Homeowners Seek Lower Payments On Bank Of America Home Loans Through Modification Programs

Mortgage difficulties that remain for homeowners with Bank of America have led many to seek out assistance through home loan modifications or proprietary mortgage modification programs. Bank of America and numerous other mortgage servicers have had difficulty with homeowners who are either unable to meet their traditional mortgage payment, who cannot benefit from a lower monthly mortgage payment through the modification plan, or who are struggling with an underwater mortgage, all of which have necessitated various assistance plans to be proposed and implemented in order to bring aid to homeowners across the nation.

However, Bank of America is one of many mortgage servicers who offers these mortgage modification programs to homeowners in order to bring affordability to their monthly mortgage payment. Yet, homeowners have often accused servicers of not doing all they can to either offer these modification programs to homeowners or modify a homeowner’s mortgage to the point which it is affordable for their situation.

Bank of America and other top servicers in the nation do still offer home loan modification assistance through the Making Home Affordable Program and in-house modification plans as well. Alternative modifications are said to be offering a higher number of homeowners the assistance they seek, which may be good news for individuals who are struggling within a governmental modification program.

Yet, despite the modification programs and servicers who implement these plans being imperfect, there are also extension programs available to help homeowners who may be struggling with unemployment, an underwater home loan situation, or alternatives to foreclosure which may benefit those homeowners who have suddenly come upon a troubling financial situation and can no longer afford their home.

While Bank of America does still have its share of critics, homeowners are still being advised to contact their servicer or consult approved housing counselors from the Department of Housing and Urban Development or the Making Home Affordable Program if they feel meeting their mortgage payments may become difficult in the near future. These modification programs are no guarantee to help homeowners save their home, but individuals who began seeking assistance early may stand a better chance at finding an affordable solution to their mortgage trouble.