Bank of America homeowners who are in need of assistance regarding their home loan, particularly in the area of foreclosure prevention, may have more options starting here in May and going through the summer of 2011 as there are indications that Bank of America is hoping to bring more customer assistance centers to homeowners, as there are factors still weighing down on these people who are suffering in a way that makes meeting their mortgage payment incredibly difficult. Many homeowners who are in a situation where a modification or other programs for affordability may be necessary typically suffer from similar causes as to why they cannot meet this obligation.
Yet, problems which homeowners still face in May of 2011 are similar to issues that homeowners have had to overcome over the past months as there are still men and women who are finding the modification process confusing, frustrating, and feel that making a single point of contact or getting outside assistance could pay off in the end, as it could streamline these foreclosure prevention efforts for some. Homeowners have had access to housing counselors available from HUD and the Making Home Affordable Program, but some have failed to talk with these representatives or get the help they needed from their particular financial institution.
While Bank of America is not the only financial institution to offer these types of outreach programs, as there are some banks who have implemented policies where homeowners seeking a modification will only have a single point of contact during the process, it’s understandable that when homeowners must submit paperwork showing their financial distress, a hardship letter, and other documentation, faxing or mailing these papers can create issues if homeowners are unorganized or they are dealing with a servicer that may not have the staff to deal with the amount of requests that homeowners are making.
However, it’s hoped that for homeowners with Bank of America will be able to get the advice they need as representatives trained specifically to help homeowners in the area of foreclosure prevention could be able to guide these men and women through options that might be available or, if a traditional modification may be necessary as an example, they could help homeowners organize their application so that fewer difficulties may arise. Yet, homeowners need to understand that these options are not guaranteed to help homeowners find the affordability they need or prevent the loss of their home, but speaking with officials from their bank, no matter what servicer they use, can be helpful when it comes to avoiding foreclosure and finding affordability.