It goes without saying that one of the common aspects of homeowners who are seeking a home loan modification happens to be that they are typically delinquent in terms of their mortgage and, this data which is tracked within the federal Making Home Affordable Program has stated that Bank of America did see a decrease in the number of delinquent borrowers who were estimated to be eligible for HAMP. Bank of America is one of the largest financial institutions who participates in the federal modification program, and as continued hardships are being seen for homeowners in terms of unemployment or other financial factors that prevent them from making their mortgage payment, it may comfort some homeowners who have seen the report released here in June that shows decreases in these areas.
For Bank of America though, the number of homeowners who are delinquent, according to the latest Treasury Department releases, were tracked through March of 2011, but is part of the April report. Bank of America did see a decrease from the last two reports in the number of delinquent homeowners, as it was indicated in the most recent release that only a little over 283,000 homeowners are currently delinquent, and this is down from over 383,000 from the month before.
Yet, preventing delinquencies is something that is usually not accomplished by many financial institutions simply because homeowners are still in positions where various factors out of their control may be contributing to their inability to pay their home loan. Sadly, unemployment has remained high as we enter into summer of 2011, and there is little that financial institutions are able to do to help homeowners avoid delinquency when these problems are in place, but there are, in essence, some treatments to these problems which have been helpful for some.
Bank of America homeowners did also see increases in permanent modifications despite the fact that Bank of America was rated as one of the servicers who needs to substantially improve their modification efforts. Homeowners who are facing delinquency though, are being urged to be more proactive in the action they take, as some will wait until they have missed multiple mortgage payments to inquire about what options are available, but this could be risky, particularly if their finances fall into such disrepair that they cannot benefit from a home loan modification. Bank of America is one of the financial institutions that have seen homeowners default once again, after receiving foreclosure prevention assistance through mortgage payment reductions, but for homeowners who are currently delinquent or feel that they may miss a payment in the near future, contacting their bank or a HAMP housing counselor could minimize the damage done in their life even when financial setbacks are in place.