Homeowner delinquency for Bank of America homeowners, among many others, is still an issue that is being combated here in the last of May as the factors which have driven many homeowners to the point of foreclosure still remain present despite improvements in some areas. While there are some Treasury reports that have shown the estimated number of homeowners delinquent on their home loan with Bank of America decreased, in relation to those who may qualify for a federal home loan modification program, it was reported that missed payments on home loans, among homeowners in general, increased in the month of April, but various reports from the housing market have been volatile throughout this year.
Also, there are mixed forecasts of what may become of the housing market in the future, but officials at Bank of America stated in mid-May that they have a positive outlook for the housing market, particularly in the area of home prices, as not only have issues related to unemployment remained a problem for many homeowners but decreased equity has led some homeowners to find themselves in a position where paying their mortgage is close to impossible. Yet, continued efforts from Bank of America and other major financial institutions continue to offer modifications and there are applications being accepted for state-specific plans from many major banks through efforts like the Hardest Hit Fund.
Yet, when it comes to home loan modification reports from the Treasury Department, delinquencies did decrease in the early part of 2011 for Bank of America homeowners as there were a little over 383,000 homeowners reported to be delinquent when the March 2011 report was released, but that was a decrease from the previous month where over 393,000 homeowners were estimated to be delinquent for 60 days or more on their home loan. The inability of a homeowner to make their mortgage payment is incredibly stressful in a variety of ways as some who may be facing unemployment are not only finding that their savings is being depleted, but they are scrambling to find more affordable monthly payments through modifications or state programs, and also some feel that long-term unemployment is going to remain a factor as to whether they will be able to keep their home in the later part of the year.
While there are areas of the country that are facing different results in their job markets, the national unemployment rate as of April stood at around 8.7% and, even though indications that private employers are beginning to add more job opportunities and even in some states unemployment rates are well below the national average, homeowners who have had setbacks in this area may still have a great deal of catching up to do when they fall behind on their home loan.
Yet again, exploring options early will be more beneficial for homeowners than simply trying to stay afloat in their current financial predicament, as there are states who will help homeowners that have missed payments by offering subsidies that will bring them current on their home loan if they qualify for these Hardest Hit programs. Talking with their servicer or housing counselor, though, can also open up more doors for homeowners who are unsure of how they can overcome problems related to their home loan delinquency, and potentially help them avoid foreclosure during tough personal financial times.