For Bank of America, the cumulative total of trial modifications that have been seen in the most recent Making Home Affordable reports showed a positive results in that there was an increase in the number of all HAMP trials that have been started in terms of Bank of America’s participation, and this may be beneficial for homeowners even though some servicers who are in this similar position have seen decreases in the number of active trial modifications they currently have. Also, Bank of America did see a leap in the number of permanent modifications between the April and May 2011 Making Home Affordable Reports, which were released here in July, so homeowners who are still struggling with this particular servicer, in terms of their mortgage payment, may still be able to explore this traditional route of foreclosure prevention and have success.
It was indicated that in April of 2011, the total number of trial modifications that Bank of America had started numbered at 386,308, while the May 2011 data stated that there were 394,634 cumulative trials that had been started. Also, the number of trial modifications that were reported in the May report, which were made between April and May numbered at 8326, so there are some positive results being seen in this area for this particular mortgage servicer. However, homeowners are still having issues when it comes to trial modifications and, as a result, there are those who are either being denied a trial modification or being kept in their trial modification for longer than the required period of time.
There are no perfect stories when it comes to a homeowner’s transition from facing foreclosure or delinquency to a home loan modification, as many men and women have had to overcome hurdles when it comes to either filing paperwork, dealing with their servicer, or even meeting certain qualifications. Yet, trial modification plans have also been a problem for some as there are homeowners who were simply unable to make their mortgage payment even when this trial plan was in place and a lower payment was offered.
Thankfully though, there are programs that are in place outside of these modifications that Bank of America homeowners can use and there are even resources that go beyond representatives from major banks that can help homeowners explore their options, understand the modification process in a more in-depth manner, and ultimately find the best program to suit a particular homeowner’s needs. Yet, since many of the financial institutions who are participating in the modification program have had both successes and failures, in terms of their dealings with homeowners, it will be important for homeowners to address financial problems early so that if these difficulties do arise they will be able to potentially qualify for alternative plans that may help them avoid the loss of their home.