Bank Of America Home Loan Assistance Plans–Making Home Affordable Alternative Modification Plans

Bank of America homeowner assistance plans from the Making Home Affordable program have seen increases over the past year, but there are many homeowners who have complained of problems that remain in the modification process and, as a result had been unable to acquire federal assistance. However, there are alternative modification programs which are available from various servicers, like Bank of America, and data from the Making Home Affordable Program has shown that some homeowners who have either been denied a trial modification or who had their trial modification canceled have been able to acquire one of these modification programs, which can be beneficial for those seeking a foreclosure prevention option.

Obviously, not all homeowners have been able to acquire one of these alternative modifications, but reports have indicated that there are more homeowners who are seeing results through these proprietary modifications through servicers rather than federal modification programs and there are some who speculate that since servicers like Bank of America are able to dictate the qualifications and guidelines of these in-house modification programs, more homeowners may qualify.

Yet, these alternative modifications are no guarantee when it comes to homeowners preventing the loss of their home as there are similar problems which have been experienced within these in-house modification programs as are present in the federal modification initiative. However, homeowners who have had their Bank of America home loan from modification canceled but received an alternative modification numbered at 63,627, according to the November HAMP report which tracks data through October 2010. Also, homeowners who were not initially accepted for a HAMP trial modification with Bank of America also received alternative modification assistance and, according to the report, 13,921 homeowners have been assisted through these alternative efforts.

Understandably though, there are still homeowners who are struggling to make ends meet and are seeking home loan modification aid but have been unsuccessful. There are homeowners who miss payments even when a modification is in progress or simply do not qualify for home loan assistance, but there are also outside resources which homeowners may use to help them with their financial situation, mortgage payments, and the home loan modification process. While homeowners with Bank of America, for example, may contact their servicer to inquire about mortgage assistance, there are housing counselors approved by HUD and the Making Home Affordable Program which can also guide homeowners through the modification process or perhaps offer assistance when it comes to finding solutions in their personal financial life to help them meet their home loan costs.