Homeowners with a Bank of America home loan who have attempted to lower their monthly mortgage payment have usually had one of two options available depending on their circumstances. Obviously, throughout 2010 many financial institutions like Bank of America have offered home loan modifications as a way to lower monthly mortgage payments for homeowners, but refinancing opportunities have also been available for some who may have been in a decent financial position and have been able to lock in a lower rate on their home loan.
Recently, the Making Home Affordable modification program and home loan interest rates have been in the news and these issues affect a wide range of homeowners with various financial institutions. Yet, homeowners are still looking for opportunities to lower their home loan payment obligation as financial difficulties continue for many across the nation thanks to factors like unemployment or negative equity.
Bank of America has seen success in the Making Home Affordable Program over the past months as increases in the number of permanent modifications have persisted in 2010. Yet, homeowners have still complained over troubles related to their Bank of America modification efforts and lawsuits have recently been filed against Bank of America related to federal home loan modification programs and foreclosures. Obviously though, no servicer has escaped criticism or troubles related to modifications and foreclosures as numerous institutions recently held a foreclosure moratorium to review processes which were deemed questionable.
Yet, home loan modifications from Bank of America continue through both federal modification efforts and proprietary home loan programs which are set to prevent foreclosure for homeowners who are facing a troubling time in their personal financial life. While, modifications are said to continue into 2011, there are those who feel in-house modification efforts and alternative mortgage assistance options may become more widely used than traditional home loan modifications.
However, another mortgage affordability issue that has been in the news lately centers around interest rates which homeowners are seeing on home loans, as the low rates that have been present throughout the year are on the rise, which has led many homeowners to either consider refinancing or buying a new home while rates are still somewhat low. In previous months, homeowners with Bank of America and other financial institutions were seeing record low interest rates and were able to refinance, in some cases, to a lower monthly mortgage payment or a longer mortgage term, which brought lower overall home loan costs.
While, again, reports show that homeowners with a variety of servicers, who are in the correct financial position, may still benefit from low interest rates despite increases which have been seen, modification and home loan assistance programs through expanded initiatives from HAMP are still addressing foreclosure concerns many homeowners face. Yet, homeowners who are struggling with their Bank of America home loan may still contact their servicer to begin the home loan modification process in the hopes of finding affordability in their mortgage, but individuals who are considering refinancing have a wide variety of options when it comes to locking in a lower interest rate on their home loan as primary mortgage servicers are not the only opportunity homeowners have when potentially receiving a lower interest rate on a home loan payment.