Homeowners have still faced troubles with foreclosures despite the fact that mortgage assistance options are available from some of the nation’s top servicers like Bank of America. However, a recent report stated that Bank of America plans to make changes in their foreclosure processes, as there were concerns from homeowners which prompted Bank of America, and other mortgage servicers, to suspend foreclosures weeks ago.
There were questions that many of the nation’s top financial institutions were not properly reviewing foreclosure documents and had even signed these foreclosure papers without giving the homeowner a chance to avoid the loss of their home through assistance programs like Bank of America’s home loan modification plan, or not getting proper notarization on foreclosure paperwork.
Understandably, many homeowners were troubled to learn that they may have been evicted from their home without even having their foreclosure paperwork looked over by a bank employee in a manner that would have allowed them to forgo the loss of their home. Homeowners argued that they may have qualified for a home loan modification plan, a Making Home Affordable extension program, or an in-house home loan modification made directly from servicers like Bank of America.
Also, Bank of America stated that they will implement new practices concerning the selection of law firms that will process their foreclosures, which could help in the future when it comes to avoiding questionable foreclosure practices. There were law firms which had processed paperwork from large financial institutions which had caused some of the foreclosure problems that led to suspensions recently.
While there are still factors outside of foreclosure practices that play into homeowners losing their home, it’s hoped that new procedures in processing foreclosures will lead to a more thorough examination of a homeowner’s situation and, in some cases, could bring about the opportunity for homeowners to avoid foreclosure at the present time through mortgage assistance programs.