Bank of America homeowners who are facing potential foreclosure have often sought out the federal mortgage assistance as a way to reduce their mortgage payments and find more affordability but recently we saw that there were increases in the number of foreclosure starts in completions that Bank of America had made in the most recent Home Affordable Modification Program results. Yet, homeowners do still have opportunities to avoid foreclosure but there are still situations where homeowners have found that mortgage assistance programs may simply not help as there are some instances where homeowners may have seen severe financial setbacks.
Yet, homeowners specifically seeing foreclosures after the federal modification program have fallen into two categories that are tracked by the Treasury Department and reports released here in October showed that between June and July Bank of America saw an increase in the number of foreclosure starts for homeowners whose trial modification was canceled, with the current number of starts being reported at 31,168 and the number of foreclosure completions of 14,490.
Also, homeowners who were not accepted for a trial modification with Bank of America saw some substantial increases in foreclosure starts, as the June report indicated that 67,197 total foreclosure starts had been tracked but July brought a total of 82,394 foreclosure starts. Yet, foreclosure completions also saw increases as Bank of America’s total rose from 26,255 to 32,094 in this category as well.
Bank of America has not been the only servicer to see increases in foreclosures as homeowners continue to struggle when it comes to making their mortgage payments and, once again, it’s not always the case where a foreclosure prevention program can be found to help these homeowners, despite the fact that there are multiple avenues that may bring solutions for some. However, there are some servicers who are seeing continued foreclosures and even increases due to the fact that there have been some hindrances which may have prevented foreclosures from being processed in a timely manner and as these problems have been sorted out more homeowners are now facing foreclosure process.
Homeowners are still being urged to explore options that are available as homeowners do have assistance options from servicers like Bank of America they go beyond federal mortgage assistance programs and may offer to payment aid to homeowners in certain states or homeowners who are suffering from certain financial setbacks. Obviously, homeowners who may be in an underwater mortgage situation or facing unemployment have specific opportunities to find affordability, but again these are no guarantee against foreclosure as many servicers continue to see increases in the number of homeowners who are facing the loss of their home.