The number of Bank of America homeowners who were estimated to be delinquent on their home loan for more than 60 days fell according to the most recent Making Home Affordable Report, as there were more trial plans extended and started, according to data which is cumulative within the federal modification initiative. Obviously, homeowners who have been delinquent on their home loan over the past month have scrambled to find for closure prevention efforts that may be beneficial for their particular situation, but various servicers have seen trouble related to offering homeowners these modification programs and homeowners have waged numerous complaints against banks and the modification program as a whole.
According to HAMP reports, the December 2010 servicer data for Making Home Affordable participants stated that Bank of America had a total number of delinquent homeowners at 408,524, as of November, but that number decreased according to the January 2011 report, which tracked numbers through the end of December and a total number of 402,102 homeowners were estimated to be delinquent. Also, the cumulative number of trial plans offered and started for Bank of America increased according to the January 2011 report as offers extended numbered at a total of 481,756 while the number of cumulative plans started was at 358,726.
While the overall data in these areas of the program was similar, in that the number of estimated delinquent borrowers fell and the number of trial plans offered increased, there are still those who feel the modification program has problems which must be addressed before more homeowners may be able to benefit from these foreclosure prevention initiatives, and in some cases, there are officials who feel changes are necessary so that the program would have justification for even continuing.
There are homeowners who are still facing problems when it comes to receiving a home loan modification, and this has been true for not only the majority of servicers within the federal modification program, but there are also problems related to in-house modifications made directly from these financial institutions. While homeowners are being prompted to either contact their servicer early before their mortgage payment troubles become too problematic or speak with a reputable housing counselor suggested by the Making Home Affordable Program, homeowners must understand that there are no guarantees when it comes to either receiving a modification or being able to sustain the payments of a modified home loan.
Yet, despite problems within the modification program and with various servicers, homeowners are still being advised to look at these options as soon has difficulties arise as there are not only modification efforts in place but extension programs and housing assistance available directly from states that could help keep more individuals in their home even though federal and private modifications have been highly criticized. Understandably, some homeowners may still face foreclosure even with all these options in place, but with more foreclosure prevention and foreclosure alternative plans being made available, homeowners may have a better opportunity in the coming months to avoid the loss of their home if their financial situation sees trouble to the point where they can no longer make their mortgage payment.