Bank of America’s home loan assistance efforts are, like numerous other servicers, offering not only foreclosure prevention and alternative plans to homeowners, but there are also in-house plans available directly from these financial institutions that may be able to help homeowners avoid the loss of their home. However, a great deal of debate and conflict has arisen within the modification program with numerous servicers as foreclosures continue to be problematic for many homeowners and, as a result, homeowners who have not seen assistance from HAMP saw increases in number of foreclosure completions that were made over the past months.
As an example, reports from the Making Home Affordable Program have tracked the various paths of homeowners who were either not accepted for a trial modification or who had their trial modification canceled, and particularly for Bank of America, there was an increase in the number of foreclosure completions seen within these two categories. Sadly though, Bank of America was not the only servicer to see increases in foreclosure completions as the total number of homeowners who faceed foreclosure increased according to the most recent MHA data.
As of the January 2011 report, the total number of homeowners with Bank of America whose HAMP trial modification was canceled and faced foreclosure as a result numbered at 3951. For homeowners who had not been accepted for a trial modification plan, the number of foreclosure completions for Bank of America totaled 13,755.
Obviously, there are still some issues where a backlog of foreclosures are being processed due to questionable foreclosure practices on the part of numerous financial institutions, but these increases in foreclosures have led many officials to question whether servicers are able to properly implement these programs in a helpful manner for homeowners or if the programs are simply flawed overall and should be stopped. Numerous homeowners have waged complaints against a variety of financial institutions, particularly when they have faced foreclosure after attempting to qualify for either a modification or other form of foreclosure prevention assistance, but there are still a wide range of homeowners losing their home and questions over why more modifications have not been seen still remain.
Yet, homeowners do still have not only modification plans available directly from servicers and the federal modification program, but there are state-specific plans in some of the hardest hit areas that could be helpful to those who may face either difficulties related to unemployment or an underwater mortgage, while home loan assistance plans like the Emergency Homeowner Loan Program are hoped to be fully implemented in the near future to address issues unemployed homeowners may have which have lead to foreclosure.
Homeowners with servicers, like Bank of America, can still either contact their servicer directly or consult resources from the Making Home Affordable Program, FHA, or the HOPE Hotline, as there may be housing counselors who could help homeowners better explore options to prevent the loss of their homes through foreclosure.