New information for Bank of America’s participation in the Making Home Affordable Program has been made available from the Treasury Department as a recent report compiling data through November 2010 was released and has shown that Bank of America has seen an increase in the number of permanent home loan modifications within the federal Making Home Affordable mortgage assistance plan.
Recent news has indicated that many officials feel the modification program overall has been lacking over the past months as a higher number of foreclosures seems to be present, despite the fact that fewer permanent modifications are being made by servicers. While there are reports that also state in-house modifications are becoming more popular, which may suggest homeowners are moving away from the federal modification program, there are still increases being seen from servicers like Bank of America within the federal modification initiative.
According to a report released by the Making Home Affordable Program, Bank of America has 83,759 active permanent modifications as of the November report, which tracks data through November 30. The number of active permanent modifications for Bank of America has increased from October, which only registered 79,339, again according to HAMP reports. Also, for the year, Bank of America has seen a drastic increase in the number of permanent modifications as the January 2010 report only showed 12,761 permanent modifications.
Obviously, there are still concerns over the number of foreclosures homeowners are facing, but mortgage difficulties continue to be directly tied with unemployment in many cases and factors like underwater mortgages as well. While Bank of America and other financial institutions have programs in place which can address these issues, officials are still concerned over the success that the federal modification program has seen, as the program is predicted to fall short of its original goal.
However, there are still homeowners finding assistance from certain servicers and, for this reason, advisers are still suggesting that homeowners either contact their mortgage servicer if financial troubles related to their mortgage payment have arisen or talk with an approved housing counselor about options to make their home loan more affordable. While there are no perfect modification plans or mortgage servicers, homeowners do still have options for finding affordability in their home which may prevent foreclosure, but these issues related to homeowner financial troubles must be addressed early so that the best foreclosure prevention plan can be found.