It may come as no surprise that there are still increases being seen for Bank of America in the category of homeowners who have been denied a home loan mortgage modification within the HAMP initiative. Yet, there are still options for these homeowners who don’t qualify for a Making Home Affordable Program and it needs to be remembered that for Bank of America homeowners, or other homeowners in general, the federal home loan modification plan is not their only option when it comes to stopping foreclosure.
However, it is important to review the paths that homeowners face after HAMP due to the fact that some homeowners are in a position where they may simply not qualify for any type of loss mitigation assistance and, may need to consider foreclosure alternatives as a result. Simply speaking of foreclosures though, Bank of America saw an increase in their number of foreclosure starts and completions for homeowners who had their trial modification within HAMP as it was reported a total of 8992 foreclosure completions had been made with over 32,000 foreclosure starts being tracked by this particular Treasury Department report through the month of April 2011.
For homeowners who were not initially accepted for a Bank of America trial home loan modification, there were increases as well as foreclosure start increases in their total by almost 10,000, which was around 64,799, while foreclosure completions were said to be 23,496 in this particular category. Despite the fact that there are some reports stating that foreclosures may be stalled for months to come, there are still men and women facing the loss of their home at the present time and, even if these delays do continue with certain servicers, it does not mean that a homeowner has time to waste.
Bank of America and other financial institutions have been reportedly improving their modification efforts, but there are still problems that homeowners must overcome if they wish to find a more affordable monthly mortgage payment and avoid foreclosure during a time where personal financial distress is present. Yet, homeowners should also understand that options from their state’s housing agency or directly from their servicer, in the form of a proprietary, in-house home loan modification or alternative options that may help these foreclosure numbers of abate somewhat over the coming months, but of course it is certain that foreclosure will remain a problem for quite some time.
Exploring these options with a particular servicer or seeking out a housing counselor are just a few of the primary steps that homeowners may need to take, but again, taking action early will be most helpful for a homeowner suffering from mortgage payment troubles as there are numerous programs available to potentially help a homeowner in need, but when one’s situation has grown too problematic, even plans like home loan modifications may not be enough to help.