Homeowners with Bank of America seeking home loan modification assistance have seen troubles when it comes to acquiring this form of foreclosure prevention, but there are programs and assistance options which may aid homeowners who are having difficulty acquiring mortgage modification assistance to prevent the loss of their home. Obviously, Bank of America is not alone when it comes to home loan difficulties which homeowners have faced as there are numerous homeowners with a variety of servicers who have had hardships related to the federal home modification program.
Yet, an option to which homeowners have been turning as a way to find the assistance they need when they run into trouble within the home loan modification program or as a way to prevent problems from arising when homeowners start to seek out foreclosure prevention assistance is the use of housing counseling. Housing counselors have been reportedly one of the tools that homeowners have been able to use which has not only increased the likelihood that a homeowner will avoid redefaulting on their home loan when a modification is in place, but there are some indications that homeowners may be able to lower their mortgage modification payment as well.
Recently, a report by NeighborWorks America stated that, “The re-default rate for homeowners counseled through the NFMC program was better than that for homeowners who didn’t receive NFMC program counseling.” Obviously, homeowners who have been able to access assistance from the National Foreclosure Mitigation Counseling Program have been able to benefit in a way that has not only allowed them to reduce the risk of defaulting on their mortgage again, when a modification has been offered, but the report goes on to say that 64% of homeowners who were counseled and received a modification remained out of trouble, in terms of facing delinquency or foreclosure, for at least eight months.
While there are Bank of America homeowners who can contact their servicer directly when they feel financial difficulties have arisen to a point where they may face missed payments or foreclosure, housing counseling may also be beneficial in that it can not only offer homeowners guidance through the federal home loan modification program, but homeowners may also get assistance with personal financial goals or budgeting techniques which could help them in their home loan as well.
Obviously, Bank of America homeowners have benefited from alternative home loan modification programs as well, as these forms of assistance for foreclosure prevention may be an alternate route which homeowners may take if they are unsuccessful at receiving a federal mortgage modification plan. However, homeowners need to understand that housing counseling is not a guarantee when it comes to finding a modification program or avoiding foreclosure, but those who do pursue a housing counselor are often advised to make sure that they work with an accredited organization that is approved by sources like the Making Home Affordable Program or HUD.