Homeowners with Bank of America facing foreclosure have different options that may be helpful for their particular situation but there are cases, particularly when homeowners are not offered a home loan modification plan, that foreclosures still arise and this has led to some areas of Bank of America’s foreclosure starts and completions seeing higher numbers for homeowners after HAMP. Yet, despite the fact that there have been continued foreclosure problems that homeowners have faced, this does not mean that Bank of America homeowners are still in a position where foreclosure is inevitable if modification is not acquired.
Yet, the number of foreclosure completions did increase between May and June according to the latest Treasury Department reports as Bank of America saw almost 2,000 more foreclosure completions during this timeframe. While the cumulative total of foreclosure starts for Bank of America in this category decreased between May and June, homeowners who were not accepted for a trial modification saw an increase in both foreclosure starts, which rose to a little over 67,000, and foreclosure completions which stood at a little over 26,000.
Homeowners with Bank of America and other servicers who are seeking these home loan modification plans do need to remember that their servicer also has opportunities available not only within HAMP extension programs but there are also options like the Hardest Hit Fund that can help in certain states. Yet, homeowners are not guaranteed foreclosure prevention through these efforts, but rather there are simply opportunities in place that are tailored to help homeowners in a situation where foreclosure can be prevented, despite the fact that some homeowners are continuing to see problems.
While Bank of America is one of the servicers that is being prompted to make further efforts in improving their modification programs, homeowners also have resources like housing counselors that may be of use when it comes to either exploring all available options for a more affordable home loan or simply dealing with their bank that comes to applying for these programs. Since foreclosure does remain a problem and a present danger for some, financial advisers are urging homeowners to begin researching their options either through federal programs, state initiatives, or opportunities directly from their servicer, as paperwork and dealing with representatives from a homeowner’s bank could potentially slow the process and homeowners need to make sure that they give themselves enough time in order to find an affordable payment plan on their home before their financial situation deteriorates further.