Bank of America mortgage assistance plans through efforts like modifications have been quite popular among homeowners seeking financial assistance for their home loan situation, but there are some indications which show homeowners, in certain cases, have been able to acquire an alternative payment plan outside of a formal modification agreement. The October Making Home Affordable Program report shows that there are some servicers who have implemented payment arrangements for homeowners that did not involve a formal home loan modification.
Obviously, there are homeowners who have benefited from in-house mortgage assistance plans from servicers like Bank of America, yet there may be assistance outside of modification programs available to homeowners. Again, according to the October HAMP report, 9,601 homeowners who had their trial modification canceled received one of these non-modification payment arrangements, while 2,151 Bank of America homeowners received a similar plan after they were not accepted for a trial modification.
Assistance programs available directly from mortgage services, like alternative proprietary modifications, are believed to see success due to the fact that universal guidelines are not applied to all homeowners. Essentially, financial institutions who are able to work with homeowners on a case-by-case basis, rather than applying a strict set of guidelines which may disqualify some, can find more assistance opportunities in these instances. There are reports which have indicated proprietary modifications have begun to outpace home loan modifications in term of permanent mortgage assistance solutions, which again, is felt to be the result of homeowners getting assistance plans tailored to their particular situation.
Despite the fact that there are still troubles that remain between servicers and homeowners, as there have been no perfect modification plans or mortgage assistance programs, advisers are still prompting homeowners to speak with their mortgage servicer in cases where they may be unable to afford their home loan payment, due to a variety of circumstances which have arisen in the lives of many over the past months.
It’s true that there are some troubling stories from homeowners concerning their modification efforts and dealings with financial institutions, but if a homeowner begins to address mortgage difficulties early, many feel that this will lead to a higher likelihood of a homeowner finding the assistance they need to either prevent the loss of their home through foreclosure or participate in a foreclosure alternatives option.