Reports released in early May concerning Bank of America and the home loan modification program stated that the number of permanent modifications that Bank of America had made between February and March 2011 increased, which could be an indication that there is still hope for homeowners who are struggling to make ends meet. Trials and struggles that homeowners have faced over the past months have been well documented, but there have also been some issues related to home loan modification plans that have led many to believe that there are little to no options that may be beneficial for those who are still facing the loss of their home through foreclosure.
According to servicer reports released by the Department of the Treasury, Bank of America saw an increase in permanent modifications in March to a total of 107,010, which was up from the previous month’s report where a total of 96,607 active permanent modifications were recorded. While this has been seen as positive news by some, there are still homeowners with Bank of America who are suffering due to financial setbacks but have seen little assistance in the form of these federal modification programs as a way of lessening their financial problems.
Homeowners understand that there are certain qualifications set forth by the Making Home Affordable Program that must be met before servicers will modify a home loan, but there are those who feel that some financial institutions may not be adhering to proper modification practices or there are those who feel that they qualify for a home loan modification but are denied for unknown reasons. While there are still inquiries as to how homeowners can get help when it comes to dealing with their servicer or simply making their way through the modification program, the Hope Hotline is still one of the options that homeowners may have when it comes to speaking with counselors that could help them find a solution to their situation.
Yet, to qualify for a modification homeowners must show proof of financial hardship and be in a position where they have some form of income, outside of unemployment benefits, that may be used to meet their mortgage payments, otherwise alternative programs may need to be explored within the modification initiative. Yet, there are still some homeowners struggling to make modified home loan payments, and defaults still continue even within the modification program, but as more homeowners are seeing permanent modifications, this could point to not only continued availability of this form of assistance but also some factors like extended trial modifications may be decreasing, which could be a change that is helping put homeowners in a permanent modification faster.