Bank of America’s federal home loan modification program have shown increases according to the Making Home Affordable Program servicer report for the month of October. While there have been many homeowners who have been critical of Bank of America and other servicers, not to mention the home loan modification program as a whole, there are more homeowners who are seeing assistance through modification efforts made from servicers through either the Obama mortgage modification plan or in-house, alternative home loan assistance.
Yet, according to the October report, Bank of America saw an increase in the number of permanent modifications that are currently active, as the September report indicated 78,905 homeowners were in this situation, but 79,339 are, as of October 31, in an active permanent home loan modification plan.
Homeowners who are still struggling to make their mortgage payment on their Bank of America home loan are not alone as numerous mortgage servicers across the nation have been attempting to address homeowner concerns and complaints when it come to their monthly mortgage payment. Obviously, factors like unemployment and underwater home loans are one of the main problems that homeowners are facing and causing them trouble concerning making their monthly payment.
However, numerous extension programs from the Making Home Affordable Program and home loan modification alternative programs made directly from mortgage servicers like Bank of America have reportedly begun helping more homeowners who had previously faced foreclosure. While there are still troubles related to the number of foreclosures that are being seen in our nation, homeowners are still being prompted to talk with their mortgage servicer about potential assistance that could be available from home loan modifications, underwater assistance plans, or even unemployment mortgage assistance for homeowners without a job.
Keep in mind that there are still problems between servicers and homeowners, which have led many to believe that these financial institutions are not doing all they can to assist homeowners in finding a modification program, there are still success stories from homeowners who have either had a servicer-direct modification or federal home loan modification program work to their advantage by helping them avoid foreclosure.