Bank of America’s permanent home loan modification plans which have been offered to troubled homeowners did see an increase according to the most recent Making Home Affordable report, which tracked servicer data through February 2011. Obviously, the past weeks have seen a great deal of discussion concerning the modification program as there has been some governmental officials who have wanted to cancel the federal modification plan, but being able to accomplish this is felt to be unlikely due to support of these programs in either the Senate or the ability of the president to veto any proposals to end the Making Home Affordable Program as there are still some who feel homeowners may be helped despite what many believe to be lackluster results so far.
However, Bank of America did see an increase in their active permanent modification numbers as the HAMP report for January 2011 stated that Bank of America had 93,292 active permanent modifications while this most recent report for February 2011 showed that there were 96,607 active permanent modifications in place. Also, the program did see an overall increase in the number of active permanent home loan modifications, as major servicers like Bank of America have continued to modify home loans despite problems within not only the federal modifications but proprietary home loan modification plans as well.
Difficulties that have arisen in the lives of homeowners who are pursuing a federal home loan modification have varied as there are some homeowners who feel they have been wrongfully denied federal modification assistance, while others have simply failed to adhere to modification program guidelines. Bank of America, being one of the larger major financial institutions within the program, has seen its fair share of criticism, which mostly comes in the form of homeowners being denied a modification due to paperwork difficulties or simply not meeting program standards.
There are some homeowners who feel that the financial institutions charged with implementing these federal modification plans are to blame, due to the fact that they may not be properly adhering to program guidelines and practices, but there are also some individuals who feel the program in general is the reason for difficulties homeowners may have faced. Some homeowners, in certain situations, may simply not qualify for modifications or do not have their home loan payment lowered to an amount that is affordable, which again is typically set by program guidelines.
However, homeowners may still either contact their mortgage servicer directly if they are having problems making payments or consult with Making Home Affordable housing counselors or the Hope Hotline for more information on programming that could be helpful for their particular situation or, in some cases, these counselors can guide homeowners through the modification process. While there are federal and private home loan modifications still available from many servicers, extension programs that are in place to address issues like unemployment that offer foreclosure alternatives are still being used as well and may be helpful to certain homeowners in particular situations.