Bank Of America Home Loan Assistance–Federal Loan Modifications And Extension Programs

Bank of America homeowners are still facing troubles concerning their mortgage payments as many financial institutions are seeing troubles remain in the lives of many homeowners. Yet, homeowners may still qualify for a home loan modification in December of 2010 from Bank of America or other financial institutions, depending on who the homeowner’s primary mortgage servicer may be. There have been numerous homeowners who have found affordability in their mortgage thanks to these home loan assistance plans, but homeowners often fail to realize that financial institutions often have numerous mortgage assistance plans available.

As an example, Bank of America homeowners may have been able to find affordability in their mortgage through a federal home loan modification, a private, in-house modification plan made directly from their servicer, or extension programs set to address various difficulties causing trouble in the lives of homeowners.

Again, many of the nation’s top financial institutions offer similar programs, and homeowners are still being prompted to contact their mortgage servicer if mortgage payment trouble arises. Yet, increases in the number of permanent home loan modifications have aided numerous homeowners throughout the year and reports that proprietary modifications are also on the rise has given hope to homeowners who are seeking foreclosure prevention assistance.

However, Bank of America and other major mortgage servicers have come under a great deal of criticism for certain failings in dealing with homeowners and the possibility of foreclosure. While, again, home loan modifications from Bank of America have been helpful to some, there had been homeowners who have had a difficult time when it comes to seeking mortgage assistance and have laid the blame squarely on the shoulders of their lender.

Recently, there were foreclosure suspensions set in place by some of the nation’s top mortgage servicers as questions over documentation practices arose and led many homeowners to think they had not been treated fairly when being considered for a foreclosure prevention plan. In fact, many homeowners felt that their servicer did not review their foreclosure case in a way that may have allowed them opportunities for these modifications or mortgage extension plans from the Making Home Affordable Program.

While homeowners and financial institutions have had troubles concerning modifications, advisers are still making homeowners aware that these modification plans do still offer affordability opportunities and extension programs from HAMP have been set in place to address issues like unemployment, second liens, and underwater mortgages, in certain cases.

Understandably, not all homeowners may find the foreclosure prevention assistance they seek through these modifications or extension programs, but many financial institutions also participate in foreclosure alternatives plans, which could allow homeowners who are facing the loss of their home to avoid a formal foreclosure and, possibly, receive assistance when relocating from their home to a new living arrangement.