Homeowners who are facing delinquency on their mortgage payment with Bank of America are still seeking assistance opportunities available from various programming within Bank of America’s foreclosure prevention efforts, with many homeowners still turning to the federal modification program as a way to get help. Yet, Treasury Department data indicated that Bank of America has seen some improvements in terms of the number of homeowners who are delinquent on their mortgage, as information released here in October showed that there was a decrease between June and July for homeowners who were estimated to be behind on their mortgage by 60 days or more.
In fact, the most recent information we have on this area of Bank of America’s Making Home Affordable assistance efforts states that between June and July Bank of America saw a decrease in the number of homeowners who were delinquent as these numbers dropped from 251,997 homeowners to 238,376 delinquent borrowers. What this means for homeowners is that there may be more success being seen by individuals who are pursuing a modification program or other foreclosure prevention plan, but it should be remembered that some homeowners are no longer considered delinquent because they have faced foreclosure.
While Bank of America does offer options like short sale opportunities, they also work in areas like the Unemployment Program may help homeowners who are jobless, and there are also various state and private initiatives that homeowners have been able to use to avoid the loss of their home. Yet, homeowners do need to remember that the foreclosure prevention plans with a variety of servicers have not always helped homeowners and it may be necessary for those who are struggling to make their mortgage payment to look into the total opportunities that may be open for their specific situation as, once again, federal mortgage modifications have not always been helpful.
There are some homeowners who have had a very frustrating situation and, as a result, our very antagonistic towards their mortgage servicer and pessimistic about any opportunities that may arise to get help. Obviously, there has been some miscommunication between homeowners and these banks when it comes to preventing foreclosure, but homeowners are still being urged by various officials to consult housing counselors if there is some confusion over what they mortgage modification will entail, how a homeowner may go about applying for one of these plans, or if there are programs outside of his federal initiative that may be helpful for specific Bank of America homeowners who are in need.