Bank of America’s latest reports from the Making Home Affordable Program have shown that there was an increase in the number of permanent home loan modifications that were made between December 2010 and January 2011. Obviously, there have been recent reports that were quite negative concerning the Making Home Affordable Program as there are still many officials who believe that the overall success of the program has been a failure due to the fact that the original goal of homeowners who were to be helped by major servicers like Bank of America will not be reached in all likelihood.
However, despite many mixed reviews and opinions from homeowners, there were numerous servicers that saw an increase in the number of permanent modifications made over the past months and throughout the year of 2010. Recent reports have shown that, in December 2010, Bank of America reported they had a total of 90,243 active permanent home loan modifications, but this number increased to 93,292 as of January 31, 2011.
Understandably, there are still homeowners who have had a great deal of difficulty within the modification process, have felt that their servicer had unjustly booted them from the program, or believe that modification offers are simply too expensive to be helpful, but there are some alternatives that servicers like Bank of America are using to help homeowners who are struggling with their mortgage payment. While proprietary home loan modifications are seeing more success according to reports, there are also options from the Hardest Hit Fund, which is also one area where Bank of America has also committed to help homeowners.
Concerns still remain, however, as there are homeowners who feel more needs to be done to prevent foreclosures and homeowner delinquency, and there are also indications that a low percentage of homeowners are being helped when a delinquent situation is present on their mortgage. Obviously, there have been problems for some homeowners and when it comes to foreclosure practices, there were a great deal of questions concerning the practices of many financial institutions and their review process for determining whether homeowners should be removed from their homes or could qualify for foreclosure prevention assistance.
Homeowners with Bank of America who are seeking a modification but may have had trouble with a federal home loan modification plan might also have options through proprietary home loan modification plans as these in-house initiatives are reportedly giving a greater number of homeowners the opportunity to save their home. However, individuals who are still struggling to make their mortgage payment or fear that financial strains may lead to missed payments down the road are being advised to consult the Making Home Affordable Program website or approved housing counselors as these resources could help homeowners either find the means to pay their mortgage within their personal financial situation or help guide them through the modification program.