Bank of America homeowners have been facing difficulties with home loan delinquency, which is common among many homeowners with a variety of mortgage servicers, but home loan modifications are still being used as one of the primary means to assist homeowners in a situation where they risk defaulting on their mortgage or facing foreclosure. Many have had mixed results in the Making Home Affordable modification program, but there are still homeowners in need as Bank of America reported an increase in the number of delinquent homeowners, according to the most recent Making Home Affordable servicer report.
Numerous financial institutions have seen delinquency among homeowners in part to factors like unemployment, but other troubles like underwater mortgages have also attributed to homeowner problems related to making home loan payments. However, according to the October Making Home Affordable Program report, Bank of America had 425,093 homeowners who were 60 days or more delinquent on their home loan. Obviously, this makes these homeowners potentially eligible for a permanent home loan modification, but there have been troubles related to the federal modification program with a variety of services.
Yet, homeowners are still in need as Bank of America saw an increase in the number of delinquent homeowners according to the November Making Home Affordable Report, as there were 425,308 homeowners reported to be delinquent, as of October 31. Obviously, not all homeowners have found assistance through the federal modification program and there continue to be complaints waged against various mortgage servicers by homeowners.
The good news for some homeowners is that proprietary home loan modifications are on the rise and may offer alternative opportunities for homeowners with Bank of America and other financial institutions to find the affordable monthly payments they need. While there are extension opportunities, like short sales or deed in lieu of foreclosure plans which may be offered to homeowners who face inevitable foreclosure, obviously homeowners wish to avoid the loss of their home at all costs and have turned to these modification plans as a result.
Homeowners who are having trouble finding the assistance that is needed to help them avoid the loss of their home or when it comes to making their way through the home loan modification program may have aid from reputable housing counselors which are approved by sources like the Making Home Affordable Program or the Department of Housing and Urban Development. Yet, there are homeowners who have simply begun working directly with their mortgage servicer in order to find a solution to their personal mortgage payment problems, but homeowners who are struggling have often been advised to talk with their lender early in order to avoid any excessive difficulties which may arise concerning their personal finances and home loan.