Delinquent Bank Of America Homeowners–Are Home Loan Modifications Preventing Foreclosure?

Delinquency is still a problem for Bank of America homeowners, and other mortgage servicers across the nation as well. Many of the nation’s top financial institutions, like Bank of America, who service home loans are seeing homeowners become delinquent on their mortgage payments for reasons like the loss of their job or a simple reduction in their income.

However, homeowners are still being made aware that home loan modification programs available from servicers within the Making Home Affordable Program are in place to help homeowners who are unable to meet their current mortgage payments. Bank of America is just one of numerous financial institutions participating in this program, and is able to offer not only modifications, but extension programs and in-house home modification plans as well.

Yet, homeowner delinquency is still troubling many individuals and financial institutions, as it was reported that 375,168 homeowners with Bank of America were delinquent on their home loan for 60 days or more, as of the September 2010 Making Home Affordable report. While there have been increases in the number of modifications made by servicers in the Obama home loan modification plan, Bank of America and other financial institutions do continue to see homeowners who are also defaulting out of these assistance plans.

Homeowners have accused many of the nation’s top financial institutions of not doing all they can to provide affordable modification plans to homeowners who are struggling, and as a result, a high number of foreclosures have been seen. Yet, Bank of America and other participants in the Making Home Affordable Program do still offer modifications for homeowners who are delinquent on their home loan and may qualify for one of these assistance opportunities.

Modifications are no guarantee when it comes to helping homeowners avoid foreclosure, and there are some financial institutions that have made mistakes within the modification program, but homeowners are still being advised to contact their lender if meeting their monthly mortgage payment becomes a problem. Some homeowners have already missed payments on their mortgage, while others may see trouble in the near future, but those who attempt to find foreclosure prevention assistance early may stand a better chance of keeping their home.