Bank of America homeowners have had options for trial modification plans over the past months as financial institutions participating in the Making Home Affordable Program offer these trial modifications to homeowners who may qualify for more permanent forms of home loan assistance. Yet, homeowners have argued that trial modifications can be difficult to overcome as there are some financial institutions which are either making fewer trial modification opportunities available or keeping homeowners in a trial for too long.
Yet, these complaints by homeowners are not exclusive to Bank of America as there are a wide variety of troubles associated with the Making Home Affordable Program. However, ongoing assistance plans through trial modifications and permanent home loan assistance is still available for homeowners who need a more affordable home loan payment because they run the risk of missing payments or defaulting on their mortgage.
Arguments that trial modifications are becoming less available is a sentiment that is felt by many homeowners but Bank of America does still offer home loan assistance and modification options for homeowners in need. Yet, the October Making Home Affordable report stated that Bank of America had 49,470 active trial modifications in place, but that number dropped in November to 46,749 active trial modifications.
While many homeowners are quick to point out that banks are making trial modifications more difficult to obtain, there was an increase in the number of permanent modifications seen by Bank of America, and other servicers, during the same timeframe. Yet, some also argue that the reason federal trial modification options are seemingly becoming fewer in number is due to the fact that private home loan modification plans are being used more widely than the Making Home Affordable program assistance options.
Understandably, homeowners are still facing difficulty related to factors which are making their mortgage payment more troubling, but advisers continue to prompt homeowners to seek out mortgage assistance through their servicers or programs like HAMP if their mortgage payment becomes problematic. While there are extension plans, in-house mortgage modifications, and federal home loan assistance still available, problems do still remain in some areas.
However, homeowners who fear that their Bank of America home loan may be too costly at the present time are often advised to seek out aid as quickly as they can so that an affordable solution may be found. While, again, homeowners are usually advised to speak with their mortgage servicer, reputable housing counselors from the Making Home Affordable Program are also available to assist homeowners in need with their mortgage difficulties or the home loan modification trial process.