Homeowners with Bank of America who are still seeking assistance opportunities for their mortgage have options from various programs that have been reported on recently offering some good news in terms of increases that have been seen in some areas and continue programs that are helping to address specific issues that homeowners will face. Obviously, homeowners are interested in such programs as the federal Making Home Affordable home loan modification plan, but recent data has also been released by the Treasury Department indicating that more efforts beyond these simple modifications are still available to homeowners with Bank of America who are in need of assistance with their mortgage payment.

As far as the active permanent modifications that have been tracked over the past months, the most recent data we have comes from the October Making Home Affordable report which indicates that permanent modifications with Bank of America increased from 148,033 to 152,220 between September and October. While the active number of trial modifications did decrease slightly from 17,434 in September to a 15,043 in October, some homeowners still remain in a position where they are looking for other options that may be available from similar mortgage assistance programs.

Homeowners who are in a position where negative equity is a problem may be able to take advantage of such programs from Bank of America as the Principal Reduction Alternative, which has been part of the extension programs offered from the Making Home Affordable modification effort over the past months, which have allowed for some form of principal assistance on homes where negative equity is the problem. In some cases these federal modifications can be coupled with this principal reduction plan and, in these instances, homeowners have been able to benefit from a reduced mortgage principal and, hopefully, more affordability. In this area, the Treasury Department reported that Bank of America had started 13,203 trials where this principle reduction opportunity was in place, with the number of permanent modifications started as of October coming in at just under 10,000 where the PRA was offered.

Bank of America has also continued efforts in the area of second liens as the Second Lien Modification Program with Bank of America was reported to have started 19,177 of these particular plans with Bank of America in October, again according to Treasury Department reports. This plan has been offered to some who are in a position where homeowners are struggling with a second mortgage and, in instances where homeowners may be unable to benefit from a primary modification, homeowners have been able to couple a primary home loan modification plan with this secondary mortgage payment assistance program and avoid foreclosure in some cases.

Yet, there are still some issues of homeowners face issues that may require a short sale or deed in lieu of foreclosure plan, which has been made available by major financial institutions like Bank of America through the Making Home Affordable initiative in such programs as the Home Affordable Foreclosure Alternatives plan, that has been used to the advantage of some homeowners who may have found themselves in a position where financial distress was so severe that foreclosure prevention plans did not help or in cases where negative equity was a problem options like short sales have been the way that these men and women have been able to avoid further financial problems related to their home if, indeed, the opportunity to sell their home at a loss or surrender the deed to their home was an option. Bank of America has completed 3808 of these foreclosure alternatives, according to the October Making Home Affordable report, but of course this opportunity to rid a homeowner of financial burden is not to be taken lightly as it should be remembered that homeowners are not going to always qualify for these plans and there are loss prevention programs that can be more beneficial in the long run when it comes to keeping a homeowner in their property.

Homeowners do still have options to get a trial modification as Bank of America did see an increase in the total number of trials that they had started cumulatively as this number rose between September and October by almost 3500 homeowners. Understandably, homeowners are not always able to benefit from even a reduced payment as the financial situations that some homeowners have have grown so severe that they simply cannot continue to make payments on their home when factors like unemployment, illness, or even simple reductions in their wages have become a problem and lead to other areas of their financial life being hindered, not simply their mortgage obligation.

Homeowners do need to remember that there is assistance available through housing counselors, that may go beyond information or aid available from representatives by major financial institutions, despite the fact that representatives from these large banks like Bank of America may help homeowners also explore what options are available through various loss mitigation efforts directly from that institution or from programs like the Making Home Affordable initiative. Counselors like those from the HOPE Hotline have been used by homeowners with a variety of institutions to better help them explore options from both federal and state programs to help prevent foreclosure, and as a result homeowners may benefit from consulting these particular resources before resigning themselves to particular programs if simple efforts such as a reduced mortgage payment does not address the complexity of their financial distress.

While not all the efforts that homeowners make to save their home may be successful, nor will homeowners always find the help they need from certain programs or their mortgage servicer, officials are still urging these homeowners to pursue assistance plans from both federal and state programs, or even take advantage of proprietary modification plans and loss mitigation efforts directly from their bank, if indeed there are alternative programs that can be of help when it comes to keeping homeowners in their property and avoiding foreclosure.

Homeowners with GMAC Mortgage who are behind on their payment decreased in data released from the Treasury Department indicating that homeowners who are delinquent and may qualify for HAMP assistance may be in a position where these mortgage payment plans that have reduced homeowner payment obligations could be helping more individuals, despite the fact that there have been calls for change. Obviously, not all homeowners who have transitioned from being delinquent on their home loan to a modification program has been successful but this does not necessarily mean that homeowners who are delinquent will not have some form of success from traditional modifications.

It was reported that between July and August in GMAC Mortgage saw a decrease in borrowers who were delinquent and potentially qualified for a federal modification program as 27,875 were seen in July but only 26,050 delinquent homeowners were reported in August. This is the most recent information we have here in November, but there are still calls by officials and some homeowners for the efforts of these mortgage servicers to improve as not enough homeowners have been helped, in the eyes of some, and this could be corrected if new benchmarks were set and servicers were held more accountable.

Currently, modification programs are voluntary and do not require that a servicer necessarily face a great deal of punishment if they are not successfully completing these plans, as the Treasury Department has withheld some incentives from servicers but, of course, since these programs are not required severe punishment or actions have not been used as there are concerns that these banks may be more unwilling to help homeowners through this particular avenue of mortgage assistance. Yet, mortgage servicers are still seeing improvements in the area of increases in active permanent modifications, but of course there are still those who feel more can be done.

GMAC Mortgage homeowners do have alternatives like state-specific plans, extension programs, or there may be some homeowners with these mortgage servicers who can take advantage of direct assistance specifically from their bank but all of these plans have had their problems as well. Understandably, not all homeowners who qualify for a mortgage assistance program will necessarily be able to afford their payments, will be able to benefit from the assistance plans in the long term as a homeowner’s financial position may deteriorate further, or of course there are some homeowners who simply struggle to qualify for some programs that are currently in place.

However, as there are some servicers like GMAC who are seeing decreases in delinquencies, it is hoped that continued efforts that are being made by these financial institutions will help homeowners even if changes are not made or new benchmarks set, as simple interest rate reductions, term extensions, and other techniques used by banks to help homeowners find more affordability, while they have not been helpful in all cases, do still potentially offer the foreclosure prevention that many homeowners seek.

Many consumers often begin the process of improving their bad credit score through acquiring a free credit report as many men and women often take advantage of an annual credit report available to them, specifically for the purposes of reviewing one’s financial history, credit standing, and where areas of debt may still need to be addressed. Obviously, not all consumers are finding their credit history is in good standing, but there are further issues that many consumers have faced when it comes to long-term unemployment and financial difficulties that may have led to write offs on their report, mistakes that may have been made, or obviously many consumers who are working to overcome multiple missed payments or delinquent debts.

However, when it comes to these old debts there are consumers who have a difficult time when they are attempting to improve their bad credit rating because many feel that, when certain items on their credit history may be hindering a more positive credit score, there are some consumers who have been working to remove these items especially when they may have remained on the report long past the date at which they should have been removed. This will necessitate that consumers can contest these items on a credit history, and in cases where consumers have obviously found themselves in a position where mistakes have been made or simple financial setbacks have resulted in delinquencies or problems, contacting creditors, credit reporting agencies, and simply beginning the process of honoring certain debts may be beneficial for consumers who are attempting to repair their bad credit history.

Understandably, some debts, like a foreclosure, are not going to be those that a consumer can begin repaying their financial situation improves but if a consumer has fallen behind on other debt obligations, it could be the case that they could benefit from paying off a particular debt or debts that may have fallen into delinquency or worse. The problem that many individuals have in relation to their financial life at the present time has usually surrounded issues like unemployment which recently dipped to 9% but obviously has remained quite high over the past months and has lead to long-term problems for those who have been out of work for quite some time.

While consumers may benefit from accessing their credit history, what they do with this information will be up to them but many advisers often point out that addressing debts that may still be honored and beginning the process of building a better credit history through timely repayment practices, contesting any mistakes or items on a credit history that may have stayed on their report past the date which it should have been removed or simply speaking with financial professionals, like credit counselors, have all been practices used by consumers as of late when the need for bad credit repair is in place in the financial life of an individual.

Increases that are predicted to be seen in foreclosures have some of the mind that this will lead to further problems when it comes to underwater homeowners and housing prices as many argue that not only are homes which are sitting empty in the housing market pulling down prices in some areas but there are also those who state that simple foreclosures in an area are leading to decreases in property values as some homeowners are seeing a substantial reduction in their home’s equity. However, there are some homeowners who may have opportunities to avoid foreclosure as many may either participate in various foreclosure prevention options or some may simply be in a position where they can benefit from alternatives to foreclosures like a short sale program.

Major mortgage servicers like Bank of America, Wells Fargo, and J.P. Morgan Chase, just to name a few, all participate in programs such as short sales, deed in lieu of foreclosure plans, and many foreclosure prevention initiatives that may come from a federal or private plan. Reduced payment options have been beneficial for some homeowners in the past, but as more foreclosures are being moved through the system there is evidence that these homes may be in a situation where foreclosure has been delayed for quite some time, and homeowners may have transitioned from their property without benefiting from these assistance opportunities.

Since there are some foreclosures that may be seen in the coming months that have been on deck and waiting from anywhere from a few months to over a year, homeowners who are in a position where negative equity is a problem do need to understand that there are some benefits to be gained from certain opportunities available for those in a negative equity position as recent news that has been circulating has made homeowners aware of negative equity refinancing options, but again there are some homeowners benefiting from opportunities to sell their home at a loss when financial distress in negative equity are in place.

Understandably, homeowners will not always be in a position to benefit from foreclosure prevention plans but if buyers can be found or a mortgage servicer will participate, there are those who may be in a position where options like these short sale programs can help despite the fact that some homeowners have seen a decrease in their credit score as a result. Yet, there are those who argue that a short sale will be much more beneficial in terms of their credit history when helping to avoid other areas of distress that may come as a result of foreclosure or bankruptcy, and homeowners may be able to get back on their feet in a shorter period of time, in terms of restoring their credit.

While this will not necessarily be the case for everyone who uses the short sale plan, as some homeowners have seen missed payments, delinquency, and even default in other areas of their financial life, focusing on foreclosure assistance through either prevention or alternative plans have been helpful for homeowners in the past and as further foreclosures are predicted to potentially lead to more negative equity and housing problems in some areas, homeowners who are currently struggling have been urged to contact their servicer, housing counselors, and simply begin exploring ways that they may find assistance on their underwater home.

Making Home Affordable Citigroup trial modifications have reportedly seen some improvements but there are also areas where we have seen decreases as Citigroup and other servicers are seeing some areas of decline specifically when speaking of active trial modifications. However, homeowners with Citigroup who are looking for mortgage assistance do still have the opportunity to qualify for trial modifications within the federal program, which is the first step for many homeowners who fall behind on their mortgage payments, meet with financial distress, or are simply looking for a way to avoid future financial problems that may arise as a result of their situation.

Yet, the number of active trial modifications reported between August and September for Citigroup decreased from 4,910 to 4,692, but there was also an increase in the number of active permanent modifications reported during this timeframe as well. However, Citigroup did also see the number of trial modifications that were reported since August 2011 come in at 2,533, within the September report, so this shows that there are still homeowners taking advantage of this particular type of assistance plan when mortgage payment aid is needed.

Homeowners do need to be aware of the fact that a trial modification is not a guaranteed solution, as some homeowners have had a variety of troubles when it comes to either qualifying for a trial, transitioning from a trial modification to a permanent plan in a timely manner, or there are also some individuals who have had trouble meeting their mortgage payment even when one of these reduced payment trial plans are in place. At the end of the day though, homeowners do need to address payment issues quickly as even a trial modification is not helpful homeowners do have alternative options from major servicers that can potentially benefit them when it comes to avoiding foreclosure.

Citigroup is one of the major servicers and that does participate in various loss mitigation efforts and assistance programs, but again, a federal home loan modification is not always going to benefit homeowners who are in need and it may require a private plan or a state program within a homeowner’s particular area to help them find affordability and avoid the loss of their home. Yet, some Citigroup homeowners may have alternatives to foreclosure as well, as there are some who are looking for short sale options when negative equity and financial distress happen to be in place and, for these Citigroup homeowners, there seems to be no plans that will be beneficial for their particular situation.

As always though, Citigroup homeowners who are currently pursuing a trial modification will need to make sure that they have their paperwork in order, focus on other areas of their financial life so that they can meet this trial payment option successfully, or homeowners and do need to speak to counselors if they are having trouble with the modification process and foreclosure prevention options that are in place from major banks that may potentially help them with their home loan situation.

Bank of America homeowners seeking permanent modification assistance or a simple opportunity to participate in a Bank of America trial modification plan may be in a position where, if they do meet certain qualifications, this can be one route of foreclosure prevention that proves successful as we have recently seen more homeowners who are being reportedly grouped into the active permanent modification category within the federal home loan modification initiative, specifically with Bank of America. Obviously, increases in modifications not only indicate that positive results are being seen within a particular servicer’s efforts but within the program overall, despite the fact that there are still some hiccups that have led to homeowners struggling to find the foreclosure prevention they need in this area.

Yet, Bank of America was reportedly in a position where a substantial number of active permanent modifications were reported between August and September of 2011 as these modifications increased from 136,195 to 148,033. Homeowners who apply for these modifications are those who will have to apply for and qualify to be set within a trial modification plan, and upon meeting the requirements within a trial modification program, homeowners may benefit from a permanent modification that has been able to help some avoid foreclosure in the past.

Homeowners do need to remember and that there are no perfect modification programs, nor have servicers like Bank of America been able to escape criticism by homeowners, but Treasury Department ratings that have set certain benchmarks in the past are holding these financial institutions accountable in certain areas, despite the fact that there have been calls by many officials that more needs to be done. Obviously, Bank of America is not the only financial institution to see positive results in the area of modifications but they are not the only bank that has had problems when it comes to homeowners complaining about their experience, feeling they have been unjustly denied assistance, and also requesting that reviews are made of their application, in the hopes of getting the assistance they need.

Again, there are officials who want more benchmarks to be set and more fines and penalties levied by the Treasury Department when financial institutions do not adhere to these benchmarks nor provide assistance that will be helpful for the majority of homeowners, but homeowners with servicers like Bank of America do continue to see some benefits as active permanent modifications increase and, in many cases as well, there are more from modification plans being offered on a month-to-month basis.

While homeowners should never consider a modification to be their only opportunity for foreclosure prevention, and even these plans are not perfect when they have been given to homeowners, there are those who are finding that this particular route to foreclosure prevention, which again has been the starting point for many, has had its benefits, but homeowners are being urged to speak with housing counselors made available from the Making Home Affordable Program, if more information is needed on available options and how they may specifically qualify for foreclosure prevention assistance.

The issue of underwater mortgage principal reduction is still one that many homeowners are bringing up, pursuing, and proposing that options be made more available as individuals who are in a position where they are facing negative equity on their home are also finding that a simple reduction in their mortgage principal is not always available. While there are some programs currently in place by federal agencies, like the Treasury Department’s Principal Reduction Alternative plan, there are still being calls made in certain states for principal reductions, as we have recently seen California urging principle reductions on certain types of mortgages, as this particular state has seen a great deal of problems in terms of home equity decreases and homeowners simply struggling to make ends meet.

While there are some states that are working to help homeowners in their area, there have also been calls in the past and, still to this day, for more national options to be made available like programs similar to modification plans that may help more homeowners with a variety of servicers, in various states, and facing different situations. Obviously, we have seen instances where homeowners cannot pay their home loan, and recent changes to the underwater refinancing initiative are hoped to help this problem in some ways, but homeowners who are simply facing a substantial amount of negative equity, in relation to what they owe on their mortgage, have been incredibly frustrated over the past years.

What we have seen though, when the discussion of principal reductions has arisen is that many officials and financial institutions are not necessarily rushing to offer any solutions to the demand for principal reductions, as again there are a great deal of complex aspects of principal forgiveness that some homeowners feel must be addressed, and there are also arguments that in cases where homeowners may not have faced negative equity, forgiving principles on some homes but not others is simply an unfair practice.

However, many areas where foreclosures continue to take place, houses simply sit empty, and even unemployment remains a problem, we are seeing negative equity still remain an issue and for homeowners who are able to get by with their mortgage payments, even these individuals have a problem when it comes to paying much more on their home than it’s actually worth. Again though, programs like the Principle Reduction Alternative plan, some proprietary options, and even aspects of the federal home modification plan may offer somewhat of a reduction on homeowner’s principle, but plans being proposed in certain states and calls for more national options for homeowners to see substantial forgiveness in terms of their mortgage principal are still present as, once again, even principal reductions that are offered in some cases may not be of an amount that is substantial enough to do much good in terms of helping homeowners in severely underwater homes see some relief.

Here in November we have the most recent information from the Making Home Affordable program and reports show that the total number of active permanent modifications increased between August and September for homeowners who are seeking federal foreclosure prevention assistance.  Obviously, homeowners with a variety of servicers are still looking for help when it comes making their mortgage payment and, despite problems that have been seen between homeowners and their servicers, but there are still strides being made in the area of these permanent home loan assistance plans.

In total, the number of permanent modifications that have been made between August and September increased from 690,969 to 720,612, which is less than a pace that will likely hit the desired goal of the program that was hoped to help around two million homeowners, but there are those who feel changes will have to be made to the program and the benchmarks for servicers set by the Treasury if there are going to be more homeowners helped in the long run.  Yet, with continued increases in the number of permanent modifications that are active being seen, with decreases in the total number of delinquent borrowers also reported, there are still homeowners who benefit from this particular plan.

Homeowners who have been seeking out this assistance obviously are having to deal with different servicers as some of the major banks like Wells Fargo, Bank of America, and J.P. Morgan Chase are just a few of the institutions that have been using these plans to help homeowners in need, but the good news is there are still increases being seen on an individual level as well as many of these financial institutions are improving their modification numbers.

It has been reported that some homeowners are having trouble still when it comes to trial modifications, be it qualifying for or moving from a trial to a permanent modification plan, but Treasury Department ratings have often pointed out areas where these major banks have suffered, and there have been some improvements seen by these individual institutions as well. In some cases though, homeowners may still have a difficult road to travel when it comes to getting a lower payment on their home loan and a sustainable mortgage assistance plan that will help them in the long run, as there are those who are having trouble even meeting a reduced mortgage payment.

However, homeowners do have access to resources that can help them financially as both housing counselors and even credit counselors have been used by some to not only explore mortgage assistance options but also help with overhauling a homeowner’s financial life to the point where these modification plans may be more helpful, as excessive debt obligations in many areas of a homeowner’s financial life will obviously lead to the likelihood that even a lower monthly payment as a result of a modification may be unhelpful. It should be kept in mind, homeowners are not guaranteed a modification nor will they always see success if they are granted this specific type of assistance but as we are seeing continued improvements in the area of permanent home loan modifications that are currently active, it’s hoped that these options will keep homeowners afloat during times of financial hardships and, despite the fact that more foreclosures are likely to be seen in the coming months, more homeowners may be able to avoid the loss of their property as well through various foreclosure prevention efforts.

The total number of offers that have been extended and trial modifications that have been begun by JP Morgan Chase saw improvements between July and August according to the most recent information we have concerning the federal home loan modification program, which may be beneficial news to homeowners who are currently looking for mortgage payment assistance from this particular program. Yet, homeowners do need to understand that simply because a trial modification is offered does not necessarily mean that all homeowners have benefited from this particular type of plan but for many homeowners with not only J.P. Morgan Chase but others as well, this is where foreclosure prevention starting point has often been.

Understandably though, homeowners do have options that may come from state plans or directly from their mortgage servicer, but it is helpful to know that there are still trial plans being started for homeowners facing financial setbacks. Chase did see increases in both the areas of offers extended and trials started as the trial modification plans that were offered improved by almost 6,000 between July and August, with the number of trials started increasing from 261,188 to 272,122. Again though, there have been some problems that homeowners have seen not only with J.P. Morgan Chase but with other banks as well, and it’s because of this that homeowners need to be aware of what issues may arise.

Homeowners who do get one of these trial plans will either successfully complete this phase of the program or, in some cases, some may stumble and miss payments or default once again, which would obviously necessitate that there is a need for an alternative plan to help their financial situation to a point where their mortgage is more affordable. If homeowners are seeing that factors like unemployment or other debts in their life are hindering them from taking advantage of one of these modifications, it will be important to address these issues early as homeowners may be able to benefit from unemployment mortgage assistance or counseling and aid from either nonprofit organizations or their creditors so that other debts do not hinder their ability to make a modified payment.

Understandably though, homeowners are still in a position where a great deal of uncertainty and financial hardships have arisen, so when we come to the point where a trial modification, like these with J.P. Morgan Chase, may be offered to a homeowner, it should be done early when a homeowner has first begun to have problems rather than after financial setbacks have already occurred. Again, these modification programs are no guarantee but homeowners may stand a better likelihood of finding solutions to their mortgage payment problems if you do not wait too long to seek out assistance as, in cases where a traditional modification may not help, homeowners will want to give themselves more time and more of a safety net in terms of their personal finances and savings, so that they can look into other plans without seeing areas of their life drastically suffer financially.

Homeowners with Wells Fargo who have turned to bankruptcy as a result of financial distress are among some who have seen problems arise after being denied a federal home loan modification from HAMP, but recent reports from the Treasury Department have shown that there was mixed results in this area for Wells Fargo, in terms of the number of homeowners who have found themselves in positions where they are in the process of bankruptcy. Yet, homeowners are often urged to remember that there are assistance options available that may help them avoid bankruptcy and foreclosure, as many servicers like Wells Fargo do still offer a multiple of programs that can be beneficial for homeowners in need.

Between June and July 2011, homeowners whose trial modification was canceled with Wells Fargo did slightly decrease, according to information released by the Treasury Department, as the number reported in June indicated that there were 787 total bankruptcies that had been tracked to date, with July’s information coming in at 784 bankruptcies had been tracked as of this latest report. Furthermore, homeowners who are not accepted for a trial modification with Wells Fargo and filed bankruptcy as a result increase from 4,166 to 4,619.

Again though, homeowners are in a position where they may be able to look for opportunities to help them outside of a modification as a federal home loan modification plan can be beneficial but it is by no means the only option that some homeowners have. Yet, when homeowners like those with Wells Fargo do find that they are struggling in various areas of their financial life and have waited until they have applied for financial assistance like a modification, can make their situation more difficult as the modification process could be time-consuming and potentially lead to more financial strains.

What homeowners are urged to do is address any financial problems that do arise in their lives by consulting with servicers, credit counselors, or even creditors in the hopes of finding solutions to the problem as not all homeowners who have filed bankruptcy with major servicers like Bank of America are necessarily doing so simply on the basis of having trouble with their mortgage. Others may have difficulty meeting payments on different types of debt then, when their mortgage problems arise, some feel that bankruptcy is the only option they have, as there are some homeowners who have been able to delay foreclosure as a result.

Yet, with in-house, private modifications and assistance plans available from many servicers, state programs that are set in place to help homeowners who may be struggling in a variety of ways, as well as continued options from federal assistance programs, homeowners do need to remember that if the time is given to explore these opportunities, bankruptcy and foreclosure may be avoided and, as a result, a homeowner may be able to walk away from the situation in a more positive financial standing.