The total number of trial modifications that have been started or offered by Bank of America have seen different results according to the latest Treasury Department reports, and these numbers can give homeowners a better idea of how this particular servicer is faring in terms of offering these types of assistance opportunities to homeowners in need, but there are still some servicers who are seeing decreases in some areas despite the fact that many major financial institutions like Bank of America are still offering this type of aid to homeowners in need.
Understandably though, homeowners have not had a perfect relationship with their banks over the past years when it comes to working within these modification programs, and Bank of America has had its share of criticism from homeowners. Yet, there are those who want more homeowners to be aware of the fact that these programs are in place and can potentially help no matter what they have heard in terms of horror stories of the experience that a homeowner may have had when working their way through the modification program in general as, once again, no servicer has escaped criticism by homeowners who were unhappy with their modification process.
Yet, Bank of America, despite seeing decreases in the total plans that were offered to homeowners between July and August, saw the number of total trial modifications that had been started and tracked within this report increase from 406,537 to 409,975. Obviously, the number of offers extended does not necessarily mean that homeowners will pursue this option, qualify when a potential modification may be offered, but homeowners should be aware of the fact that permanent modifications with Bank of America did increase between July and August as well.
Again though, homeowners have not always had a smooth transition in the Making Home Affordable Program, but it was reported that Bank of America homeowners are seeing an average rate of about 3.3 months for homeowners who are in a trial modification before they see a conversion, so this is beneficial in that homeowners who have argued that servicers in the past have kept homeowners in modification much longer than they had expected may now be seeing a shorter time spans between a trial and permanent modifications from certain servicers.
While these total trial modifications that have been started with Bank of America did improve homeowners must remember that there are no guarantees in this program and to ensure the best results they do need to address their financial problems early, potentially speak with a third party like a housing counseling agency in order to better understand the application process and get their documentation in order, but homeowners may also be in a position where they can benefit from alternatives if these traditional routes to foreclosure prevention are not helpful.