Reports released here in August that tracked Making Home Affordable data through the month of June have shown that the Bank of America saw an increase in the number of permanent modifications that were made for delinquent homeowners who were struggling with their mortgage payment and may have fallen into foreclosure had some form of assistance not been offered. There has been some mixed data on where housing stands as there are some improvements being seen in housing prices and drops in delinquency for homeowners, but of course there are also homeowners who are continuing to see their home prices drop, employment issues are still problem in some cases, and there are those who are in need of assistance from these modification initiatives simply because some homeowners are still falling into a position of delinquency.
Yet, the Treasury Department reports that Bank of America saw an increase in these permanent modifications between May and June which may point to positive signs in the area of modifications, as reports for the month of May stated that Bank of America had 119,142 active permanent modifications while June reported that there were 127,355 active permanent modifications in place. Understandably, there are still increases being seen as number of permanent modifications within the federal modification program overall, but for particular homeowners like those with Bank of America, not everyone is seeing an easy transition through the modification program.
Obviously, concerns which have arisen as of late, related to events like the downgrade in the US credit rating have some men and women and concerned about interest rates and their personal finances, as most consumers are in a position where the talks of economic conditions, debates in Congress over issues like the debt ceiling, or other popular items that have been in the news lately hold little value in their lives until they know how they will impact these individuals personally. Understandably, some are worried that recent events may lead to either a recession or higher rates on mortgages and credit cards, so it’s plain to see why there are some homeowners who are worried at the present time, particularly when delinquency on their home loan is a present problem.
While these of foreclosure prevention efforts that are being used by Bank of America are not perfect and this particular service or has faced its fair share of problems related to their mortgage practices, homeowners need to be aware that not only our modifications available but Bank of America also participate in programs like the Hardest Hit Fund that may be used to help homeowners who are struggling to make ends meet and are simply trying to stay afloat during these tumultuous financial times.
Again, homeowners are more worried about sustaining their mortgage payments, keeping their job, or finding an employment opportunity than they are about some of the national issues we currently face, but when it comes to help for Bank of America homeowners or other homeowners with a variety of our nation’s top mortgage servicers, modification programs are still available to help and, despite problems which have been seen in the past, these foreclosure prevention plans are still seeing increases and it’s hoped that with supplemental foreclosure prevention plans like those available from state housing agencies and within the Making Home Affordable Program, more homeowners will be able to avoid further financial distress or the loss of their home while we continue to wait for further economic improvement.