Bank Of America Home Loan Modifications–Foreclosures Resume But Foreclosure Prevention Assistance Still Available

Bank of America homeowners who have been seeking foreclosure prevention assistance from home loan modifications have had varying success as a federal modification programs have seen increases in the number of permanent home loan plans set in place and proprietary, in-house modifications from servicers like Bank of America are said to be outnumbering the federal plans as of late.

Yet, foreclosure still remains a problem for many across the nation as Bank of America is said to be ready to begin restarting foreclosures and troubled homeowners continue to seek out foreclosure prevention options from both federal and servicer assistance programs.

Factors like unemployment or the simple reduction in a homeowner’s wages from their place of employment are just a few of the elements which have played into an overall string of troubles which have been seen by homeowners and the housing market in general. Bank of America and other financial institutions have all been offering modifications, but they have not been offered at a rate which many homeowners feel have helped the maximum number of individuals who could have prevented foreclosure.

On the other hand, some homeowners are simply not able to qualify for the federal modification plan, and as a result, may either have options through proprietary modifications or Making Home Affordable extension plans, but there are still inevitable foreclosures which have arisen and continue to be a present threat in the lives of many homeowners. While there are some homeowners who blame servicers for what many feel to be the lackluster results from the home loan modification program, servicers have also had trouble with homeowners who either did not qualify for assistance, did not properly follow the guidelines of applying for a modification, and there have been homeowners who have missed payments within a trial plan, which obviously has disqualified them from permanent assistance.

Yet, homeowners with Bank of America or another financial institution who participates in the Making Home Affordable Program do have options when it comes to modification plans from the federal government and there are, again, proprietary home loan assistance options available to some.  While these assistance plans have been no guarantee when it comes to preventing foreclosure, homeowners are still being prompted to talk to their mortgage servicer or access resources from the Making Home Affordable Program website, which could offer solutions to various troubles homeowners are currently facing.