Bank of America is one of the financial institutions in the home loan modification program who has seen homeowners face the cancellation of their mortgage modification plan and fall into foreclosure as a result. Homeowners, like those who had a trial modification which was canceled, often are removed from the modification program because they are simply unable to meet their monthly payment or do not meet requirements set forth by the federal modification program.
Yet, there are homeowners who feel mortgage servicers could do more to prevent foreclosures and, thanks to past events concerning foreclosure processes, homeowners feel that numerous financial institutions have denied homeowners foreclosure prevention assistance simply because they did not properly review foreclosure cases.
Understandably, homeowners have been frustrated over the past months due to a great number of financial difficulties which have arisen in the lives of many across the nation, and the thought of foreclosure is something that is difficult for numerous homeowners to handle. Obviously, the majority of homeowners who face the loss of their home have attempted to either qualify for a modification program from the federal government, alternative modification assistance directly from mortgage servicers, or even from state-specific mortgage assistance plans to homeowners who face the loss of their home.
However, according to the September Making Home Affordable Report, homeowners, as of August, who had their trial modification canceled by Bank of America saw 12,499 foreclosure starts at 1,663 foreclosure completions. This data for the month of October, which reports numbers through September for homeowners who had their trial modification canceled, stated that 15,045 foreclosure starts had begun and 3,084 foreclosure completions were processed during this time span.
Again, homeowners who had their trial modification canceled usually were unable to meet their modified mortgage payment or simply did not qualify for a permanent modification, according to the Making Home Affordable guidelines. Yet, there are homeowners who have reported that their mortgage servicer was the source of their trouble and, as a result of error on the part of their bank, they were not offered the foreclosure prevention aid they needed.
While these modification programs and alternative assistance plans are still offered by numerous financial intuitions, there are homeowners who are in need of mortgage assistance but who simply may not qualify. Yet, as officials are prompting mortgage servicers to up their efforts in the modification program, reports which indicate in-house modifications are beginning to grow in success, and extension programs beyond traditional modifications are being said to have helped more homeowners avoid the loss of their home, it’s hoped that in the coming months more homeowners will get the affordability they need in order to avoid foreclosure until they can find a more stable financial position in their personal finances.