Bank Of America Mortgage Aid Through Federal Mortgage Modification Program–Are Homeowners Still In Need?

More homeowners are still continuing to experience mortgage trouble, when it concerns their monthly mortgage payment, and for homeowners with Bank of America and other mortgage servicers, there have been calls on the part of homeowners and some officials to reenergized their efforts when it concerns making modifications through the federal mortgage assistance program.

Bank of America is one of the many financial institutions who has helped homeowners avoid the loss of their home by offering modifications through the Making Home Affordable Program. Yet, there have been frustrated homeowners who have fallen into a position where they were either denied a permanent modification or did not qualify for a trial, and these individuals feel that more could be done on the part of financial institutions to offer affordable and permanent mortgage payment solutions.

According to HAMP reports, there have been servicers who have seen increases over the past months in the number of permanent home loan modifications which have been made to homeowners who face the loss of their home. Yet, foreclosures still remain a problem for many homeowners and, as a result, increases in foreclosures have led numerous individuals to question whether modifications are as available as they could be.

Yet, many financial institutions who have seen increases in permanent modifications also point out that, within the federal mortgage modification program, homeowners must meet certain qualifications and requirements before they can be offered these assistance plans on a more permanent basis. There have been indications that some homeowners default even when a mortgage modification is in place, but homeowners feel servicers could make these plans more affordable.

However, servicers like Bank of America do offer alternative home loan modifications from in-house programs as a way to offer foreclosure prevention plans to homeowners who cannot afford federal modifications. Many financial institutions have argued that the federal home loan modification program is simply not structured in a way that all homeowners may qualify, but these alternative modifications are said to have been helpful since banks can tailor mortgage payments and assistance plans to a specific homeowner’s needs.

Understandably, the federal modification program and financial institutions which have been charged with implementing these plans have not been perfect and homeowners have grown frustrated at not finding the affordability they need to avoid the loss of their home. Yet, homeowners are still in a position where they may qualify for either a federal modification or in-house home modification directly from mortgage servicers, if they are having trouble making their mortgage payment.

Again, not all homeowners may avoid the loss of their home through these plans, but homeowners who are having a difficult time with their mortgage are being prompted to contact their servicer so that they may begin seeking an affordable foreclosure prevention solution for their situation.