The number of trial home loan modifications that were tracked between June and July within the Making Home Affordable report, which was released here in September, has indicated that the number of active trial modifications for Bank of America decreased during this timeframe, but there was good news in some of the cumulative totals that were seen for Bank of America within this report as well. As there are numerous banks across the nation that are still having troubles in relation to mortgages and governmental inquiries, homeowners are still looking to major financial institutions like Bank of America for the foreclosure prevention assistance they need, and as a result many are turning to these federal modifications.
Obviously, when some homeowners hear that certain servicers are seeing decreases in the total number of active trial modifications they have, this leads some to question whether there are still options available in programming like HAMP, which many feel might be their only option. While there are a wide variety of foreclosure prevention plans currently available, it is true that Bank of America did see a decrease in the active trial modifications they have in place between June and July, as this number dropped from 35,920 to 31,815. Yet, this does not mean that homeowners with Bank of America are no longer able to get a trial modification or even transition from a trial to a permanent home loan modification plan, as the cumulative total of trial plans that were offered by Bank of America increased during this June to July time period.
In June it was reported that Bank of America had offered a cumulative total of 505,921 trial plans, but July indicated that this total had increased to a little over 511,000. Also, the number of trial modifications started increased as well, as this cumulative total increased from over 401,000 in June to 406,537 in July. Yet, there are still some problems that homeowners may have to overcome when dealing with their lender and this is why many officials urge these men and women to consult resources like housing counselors or keeping contact with a representative from their mortgage service or so that any miscommunications or application problems can be kept to a minimum.
There are still some banks that are said to require improvement in the home loan modification area, but homeowners do still have opportunities from banks when it comes to getting mortgage payment assistance, as Bank of America not only offers modifications but has help homeowners through expansion plans, which can address issues like negative equity or unemployment, and depending on a homeowner’s state they may also have specific aid available directly from their state’s housing agency.
Since problems like unemployment remain an issue when it comes to meeting mortgage payments, homeowners are still being urged to act quickly when researching available foreclosure prevention assistance plans in their area and for their particular situation, as some problems have still arisen for homeowners who are currently making their way through the modification program, and while these modification plans are no guarantee, addressing mortgage payment difficulties earlier may leave homeowners more time to explore a greater number of options.