Bank of America homeowners who are delinquent on their home loan may be able to access home loan assistance through the Making Home Affordable Program as recent reports have shown that Bank of America saw an increase in their permanent modifications from November to December in 2010. Yet, many homeowners are still attempting to find options through trial modifications as simply getting into the federal modification program has proved to be difficult for some.
While homeowners with Bank of America and other financial institutions may have in-house home loan assistance options available directly from their servicer, the federal home loan modification plan has not only offered reductions in interest rates, payment, and provided overall affordability for numerous homeowners, but expansion plans have also helped address issues like unemployment for homeowners who may be unable to qualify for a federal modification due to being jobless.
Yet, when it comes to trial modifications Bank of America did see a slight decrease according to Making Home Affordable Reports as 46,749 active trial modifications were in place as of November 2010, but only 45,753 trial modifications were active as of December 2010.
Homeowners who are still having difficulties making their mortgage payment can still pursue Home Affordable Modification Program assistance, but there are some advisers who suggest that homeowners either contact their servicer early in the hopes of getting a better shot at acquiring a home loan assistance plan that will help them avoid foreclosure, but there are also reputable housing counseling agencies that can provide homeowners with a counselor to guide them through the modification process or help them find solutions within their personal financial situation to avoid foreclosure as well.
Obviously, not all homeowners have qualified for federal home loan assistance, and there are still problems being seen within the program and from servicers as well. Yet, Bank of America and other financial institutions who are participating in the federal modification program do, again, not only still offer in-house and traditional modifications but extension plans to address second liens, underwater home loans, and foreclosure alternatives which can help homeowners acquire a short sale or deed in lieu of foreclosure agreement.