Bank of America home loan modification assistance has offered some homeowners foreclosure prevention through the Making Home Affordable Program, but troubles have arisen for numerous individual seeking this form of housing assistance, yet there have also been solutions presented which may offer either alternatives to traditional home loan modifications or assistance through the home loan modification process. Obviously, there are some homeowners who have been unable to qualify for federal home loan modification assistance plans and, for homeowners with any servicer, this can be a frustrating predicament.
However, Bank of America and other financial institutions participating in the federal Making Home Affordable Program do offer extension plans which may be beneficial for homeowners who are facing particular hardships that may make a traditional modification either unhelpful or unavailable. Yet, there are homeowners who have argued that servicers tend to request duplicate copies of documentation, lose paperwork, and generally homeowners have complained that the process for qualifying for a trial home loan modification is very taxing and at times seems insurmountable.
Understandably, mortgage servicers have had troubles with homeowners as well, as there are some homeowners who either do not properly follow guidelines for submitting an application to the modification program or they simply do not qualify for federal home loan assistance. It’s understandable, though, that homeowners have grown very frustrated when dealing with various servicers are due to the fact that these individuals are attempting to avoid the loss of their home, however, there are some assistance opportunities available from various sources which can help homeowners find either affordability or foreclosure prevention on their home loan.
As example, Bank of America is one of the financial institutions that offers in-house home loan modification programs which are an alternative to federal modification assistance programs and have reportedly been outnumbering federal modifications over the past months. Many feel that this is the case because these in-house modification plans have qualifications set forth by the servicer and financial institutions like Bank of America do not have to hold homeowners to federal guidelines.
Obviously though, no modification program is perfect and there are, again, mistakes that have been made on the part of servicers and homeowners who are working within the modification program, but there have been some advisers that suggest homeowners should seek out a reputable housing counselor for not only assistance when seeking a home loan modification but these institutions may also be able to aid homeowners with their personal finances and offer them budgeting advice which may make their home loan payment more affordable.
The Making Home Affordable Program and resources like the Department of Housing and Urban Development may be able to guide homeowners to a reputable housing counselors who can help them with their financial situation or guide them through the home loan modification process which, according to some reports, gives homeowners a higher likelihood of success and may prevent defaulting on one’s home loan in the future due to budgetary and personal financial assistance.
While homeowners may still contact their servicer directly, these housing counselors may also be beneficial in a variety of ways and offer solutions to various financial troubles homeowners may face. However, housing counseling agencies and modification programs in general are no guarantee for foreclosure prevention, so homeowners are still being advised to contact either their servicer or a housing counselor early before financial difficulties get to a point where there is little that may be done to help.