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.

Permanent home loan modifications with J.P. Morgan Chase increased between August and September and, for homeowners who are currently in the process of pursuing modification assistance, this could be positive news as it does show this particular servicer, among others is still seeing improvements in the area of permanent home loan modifications that are currently active. Obviously, some homeowners may not qualify for assistance but there are those who simply aren’t a position where they may be unsure of where to start, but there are resources that homeowners are being urged to pursue when it comes to getting the aid they need even if it is simply beginning the home loan modification process.

Homeowners with J.P. Morgan Chase may be in a position where they can benefit from a modification, despite the fact that some homeowners have not been successful in this particular area with a variety of financial institutions, as all banks that have been participating in the federal Making Home Affordable Program have not seen a success rate where every homeowner is able to avoid foreclosure. Yet, in this area of permanent loan modifications, J.P. Morgan Chase saw increases from 97,354 active permanent modifications in August to 103,160 in September.

Homeowners are still being urged to contact housing counselors or representatives from the servicer to inquire what they will have to do in order to begin this process as Chase has seen increases in the number of trial modifications that have been started offered between August and September as well. Again though, homeowners do need to remember that a modification is no guaranteed solution but it does offer a chance for homeowners to get a lower payment on their mortgage and if other areas of their financial life are also facing distress, and are distressed in a similar manner, a modification or home loan could be what keeps a homeowner from losing their property.

While there are some alternatives that homeowners may be able to pursue, it does need to be kept in mind that homeowners who are delinquent on their home loan would typically benefit from taking action sooner as those who delay an attempt to stay afloat without the use of these mortgage assistance plans may do more damage to their financial life as a result. Yet, not every homeowner is going to benefit from the same route of mortgage assistance but again, there are resources that can help men and women explore these options so that the best help available for their situation can be explored and, if foreclosure prevention assistance is not available homeowners may be able to benefit from plans such as a short sale if the situation warrants this particular action.

There are servicers who are still seeing increases in the area of permanent home loan modifications, this again is one of multiple routes that some homeowners have available to them and, specifically for homeowners with J.P. Morgan Chase, it may also benefit these homeowners look at their state for certain foreclosure prevention programs, if it appears that the federal home loan modification plan from Chase will be unhelpful for their situation. Once again, these options are not always helpful but homeowners do stand to benefit more from addressing their problems early than waiting to see if they can simply stay afloat even when financial problems do become more severe.

Unemployment continues to be one of the main hinderances in the housing market and within the personal lives of many consumers as well, but there are still opportunities available through the federal Unemployment Program, which is part of the Treasury Department’s Home Affordable Modification initiative, and it may bring about solutions to the problems that some unemployed homeowners face here and November. Recent reports have shown that the number of forbearance plans that have been offered to homeowners, through the month of September, indicated that there were improvements in the number of offers made to homeowners and since unemployment has remained relatively unchanged over the past few months, remaining around 9%, these opportunities for unemployment mortgage assistance may be beneficial for homeowners currently in need.

The number of Unemployment Program forbearance plans that were started between July and August increased from 13,993 to 14,996, with forbearance plans that require homeowners to make no payment improving to 2,772, with forbearance opportunities that may require a reduced payment increasing to 12,224, which was up from the previous month of 11,364. These numbers by the Treasury Department track data through August 2011 and is the most recent information we have on these plans, but homeowners who are unemployed and struggling to make their mortgage payment do need to be aware that even here in November some homeowners are still receiving assistance from this particular opportunity.

Obviously, homeowners are not guaranteed help through this particular plan but there are opportunities available for those who are still suffering from unemployment to avoid foreclosure, bankruptcy, or financial hardships that may result from having no income and other factors like long-term unemployment. Not all homeowners are in a position where they can meet even a reduced payment on their mortgage, and this is where these forbearance plans have been beneficial as homeowners will be able to receive 12 months’ worth of forbearance if they meet these federal qualifications, but of course some homeowners are benefiting from state-specific programs as well.

While it will depend on the particular state in which a homeowner lives, some homeowners who are unemployed are getting payment assistance through certain programs, while others may be able to take advantage of dischargeable loans available in certain states that are not associated with the past program known as the Emergency Homeowners Loan Program. Obviously, each state housing agency will differ in terms of how long this assistance is available, what homeowners may qualify, and homeowners do need to remember that their mortgage servicer will have to be participating in these plans that have been implemented by the Hardest Hit Fund, but officials are still prompting homeowners to seek what may be available in their area as a help for the unemployed in terms of their mortgage payment is still available, but homeowners may also need to go beyond housing payment assistance and look to creditors or counseling organizations to help them find solutions to other debts in their lives so that these mortgage assistance plans may be more affordable if a reduced payment is still required.

The federal mortgage modification program was hoped to help over 1 million homeowners, with some estimations being around 2 or 3 million homeowners, but reports released here in November, which track data through September of 2011, indicated that there were only 720,612 permanent modifications that were currently active, which is obviously far fewer modifications than many officials had hoped we would see by this time at the program’s inception. However, we have seen that private mortgage assistance plans are outpacing the federal modification program, but there are some concerns that private modifications, while they may be greater in number, are not necessarily helping a substantial amount of homeowners in terms of lasting mortgage assistance.

Data that was recently released indicates that there were over 4 million private home loan modifications that have been offered to homeowners since 2007 but, there is some concern as we have seen problems related to homeowners falling into default once again even after these proprietary modifications are offered. The Hope Now organization states that 80% of homeowners who have received proprietary modifications, after six months, are still performing well and there has been a decline in delinquencies from 2010, but there are still millions of homeowners who are delinquent on these proprietary plans as well.

However, this is where arguments have both risen in favor of proprietary modifications and against these plans as, once again, from the third quarter of 2010 to the third quarter of this year there have been some improvements in areas such as delinquency, foreclosure starts, and even sales that were reported, but this does not mean that homeowners are going to be guaranteed any type of success with a proprietary modification versus a federal home loan modification plan. In fact, there are still instances where homeowners are falling behind on their modified mortgage payment no matter what type of home loan modification assistance is offered, as both federal and private modification programs have seen their problems.

Yet, the homeowners who are in a position where a modification may help, as lower payments on home loans will obviously go a long way for many, homeowners are still being urged to make sure that they speak with their mortgage servicer to inquire about what opportunities may be available, as not all financial institutions charged with servicing these mortgages are going to offer the same types of mortgage assistance plans. Furthermore, homeowners may benefit from various types of counseling assistance as housing counseling agencies may be able to help homeowners explore opportunities available to them, understand what will be required of them, and there are also some homeowners who are looking at counseling for financial areas outside of their mortgage as credit card debt or other personal obligations could hinder homeowners from meeting even a modified home loan mortgage payment and, as a result, may be one reason that continued financial distress is in place in the lives of some of these homeowners.

Homeowners who are looking for assistance may find free help from housing counseling resources available from programs like the Homeowner’s HOPE Hotline as recent information has shown that numbers from August to September have remained strong in terms of the homeowners who are calling in and receiving free housing counseling assistance. Obviously, homeowners may be able to get information related to their mortgage servicer specifically, how the modification program works, or alternative plans that may be helpful for that particular situation as some homeowners are simply a loss of how they can benefit from plans that are currently in place.

Yet, this does not mean that homeowners are in a position to benefit from this counseling assistance as simply speaking with a counselor does not necessarily mean that a homeowner will be able to use the information they have to their advantage as there are those who simply do not qualify for current programs or, as we have seen in some cases, there are homeowners who continue to struggle with their mortgage payment even if mortgage assistance plans are offered. Payment reductions are obviously the main goal of many but different types of assistance that may make payments for homeowners, offer payment assistance to lower payment agreements, or even opportunities to acquire forbearance can be helpful in the short-term for some that may not always be beneficial.

Yet, as of September 2011, cumulative totals released by the Treasury Department showed that over 2.5 million homeowners had called for mortgage assistance from the Homeowners HOPE Hotline, with 1.2 million homeowners receiving free housing counseling assistance. Also, in September the number of homeowners receiving free counseling was reportedly at 31,509, and this type of aid could potentially help homeowners when it comes to better understanding their position and the opportunities specifically available to them.

Housing counseling has also been an area of hindrance for some homeowners as there are scams still in place, which is why many officials want homeowners to consult these reputable resources as not only has the HOPE Hotline been helpful but there are some homeowners who may have received assistance from the Department of Housing and Urban Development. However, homeowners do need to be aware of these scams that are out there as some may ask homeowners to take actions that could be contrary to what their servicer wants, may cause further financial distress, or again simply put homeowners in a worse position as some scams have gone so far as to ask homeowners to make payments directly to them.

In the end, counseling is in place to provide help through information, and then entities such as financial institutions or state housing agencies will be consulted and programs applied for through their assistance plans that are in place directly from these sources, rather than through a counseling agency.

Citigroup homeowners who were pursuing a federal home loan modification, in some situations, have fallen into foreclosure but according to the most recent Treasury Department reports that were released here in November more positive data has been seen. While foreclosure starts and completions are something that countless homeowners are attempting to avoid, it does need to be remembered that homeowners are still struggling in a variety of ways and, as a result, starts and completions in the foreclosure process have continued to edge up for many major financial institutions when it comes to homeowners who were unsuccessful at getting a modification.

Yet, there are still opportunities for Citigroup homeowners, and many others with a variety of servicers, to find the assistance they need, despite the fact that we have seen some increases in foreclosure starts, completions, or even homeowners filing for bankruptcy. However, Citigroup did see some potential positive movement, as foreclosure starts and completions did decrease for homeowners whose trial modification was canceled as the data given to us showing activity between July and August indicated that foreclosure starts with Citigroup decreased from 9,428 to 9,410, and completions during the same timeframe decreased from 2,047 to 2,043.

However, the number of foreclosures completed for homeowners who are not accepted for trial modification with Citigroup did increase from 7,184 to 7,397 between July and August 2011, but the number of foreclosure starts decreased from 7,025 to 6,955. Obviously though, homeowners in these specific categories within the modification program are not the only ones with Citigroup, or any other servicer, who are seeing foreclosures as a problem, as numerous homeowners who may not even qualify for a modification, may not apply for home modification plan, or who may pursue an alternative mortgage assistance program may also find themselves in a position where they face foreclosure as well.

Since foreclosures are predicted to rise in the coming months, it does need to be understood that homeowners may not be in a position to benefit from assistance plans, despite the fact that there are a wide range of programs that are currently in place, have been improved upon, and may potentially offer the benefits that homeowners need when it comes to avoiding the loss of their home. Yet, homeowners are still being urged to act quickly if financial problems arise as those with any servicer participating in a modification plan and do not necessarily have time to waste, in terms of attempting to stay afloat when financial problems have arisen, and in the past homeowners may have drained their savings or saw financial setbacks in other areas of their life as a result of attempting to pay their mortgage.

While the modification program is still in place to help homeowners and has become one of the primary resources that homeowners turn to, many officials feel that more needs to be done by way of helping homeowners for this initiative, and despite the fact that there are some servicers still seeing positive results and are being deemed by the Treasury Department to have an efficient program, homeowners do need to understand that they have to look at all aspects of foreclosure prevention, in terms of plans available, so they can make the best decision for their specific situation.

Homeowners who are looking for specific help from the FHA Federal Home Loan Mortgage case and program may find that this particular form of HAMP assistance is beneficial for their situation as, obviously, reduced payments can be greatly helpful when certain forms of financial distress or problems in the lives of homeowners may have arisen as a result of financial setbacks, unemployment, or health-related issues, just to name a few causes. Yet, homeowners who are in a position where an FHA modification plan may be helpful are still able to benefit from this plan as trial modifications that were offered in this particular program and starts on permanent modifications increased between August and September according to the most recent Treasury Department reports.

The home loan modification plan has been seen as helpful or a lackluster program, despite the fact that homeowners are still seeing results, some benefits and potential foreclosure prevention as a result of this plan, but there are those who feel that more homeowners do need to be helped. Yet, those who are specifically in a situation where an FHA home loan is in place, there are continued improvements being seen, but as to whether officials feel that more could be done to help, it often comes down to a particular mortgage servicer’s performance.

However, between August and September, the FHA’s trial modification programs that have been started increased from 6,148 to 6,468, with the FHA-HAMP plans increasing 4,254 to 4,671. Again, there are those who argue that as long as these improvements are being seen, homeowners are getting the assistance they need, but of course some individuals still fall into a situation where foreclosure may be the result of their efforts to acquire one of these modifications, some homeowners have had to file bankruptcy, while others have had to turn to alternative plans as a way to get the aid they needed on their home loan payment.

Since the modification program is not perfect, homeowners do understand that it will require a great deal of effort on their part to qualify for these plans, in terms of the application process, but it does need to be remembered that homeowners have help when it comes to making their way through this particular initiative, as both the FHA modification plan and modifications offered by many major financial institutions are all going to be in a position where housing counseling assistance help them with these pursuits.

FHA homeowners are not guaranteed a modification and, despite the fact that a reduced payment has been offered to a wide range of homeowners, this does not mean that they will always be beneficial in terms of preventing foreclosure as some homeowners have defaulted even after being offered a modification be it from the FHA’s plan or from major mortgage servicers. Yet, when homeowners address their problems early, properly adhere to application procedures, and potentially even seek out help that will assist them in better managing their finances even during financially troubling times, more benefits may be gained from these modification plans and homeowners could potentially avoid the loss of their home in a result.

In the area of a second lien modifications by J.P. Morgan Chase, improvements were seen when it comes to these modifications plans that were started, the number of extinguishment’s that were offered to homeowners, and the number of active plans that are currently in place that may have offered some forgiveness to homeowners in terms of their second lien debt. Understandably though, homeowners have not always been able to benefit from certain types of modifications, but in specific cases where a second mortgage has caused problems, this particular modification plan which has been made available by servicers other than J.P. Morgan Chase, has helped an increasing number of homeowners over the past months.

Recent data from the Treasury Department shows that the number of second lien modifications Chase started between August and September increased from 5,662 to 7,145. Understandably, homeowners may view this in a positive light as it indicates that more second lien modification plans are being offered for homeowners who are struggling with a second home loan payment, but extinguishment of these debts have often been pursued by some homeowners as well, and this number for J.P. Morgan Chase homeowners increased from zero in the August report to 1,220 in the September report from the Treasury.

Furthermore, the number of active modifications in this program that have offered a partial extinguishment of the homeowner’s debt did increase from 5,567 to 5,810, however homeowners do need to understand that these modifications are not a guarantee. In some cases homeowners may simply not qualify for this type of assistance, however homeowners who are in a position where they may have received a primary modification on their home loan but still cannot meet their payments due to a second mortgage being in place could potentially find help when it comes to getting aid on their overall mortgage payment debt obligation.

Again though, homeowners will have to be in a position where they can qualify for this type of aid as some may simply not qualify for a second lien modification or even a primary home loan assistance plan from certain servicers, many major banks like Chase do participate in this extension program from HAMP. Yet, when it comes to finding help for a homeowner’s mortgage payment distress, it does need to be remembered that homeowners who are in a position where multiple assistance options may be needed, addressing these problems early will obviously give homeowners the best chance at exploring opportunities, attentively seeking out alternative forms of aid if certain routes are closed to them, and it can also help a homeowner avoid running through their savings or creating further financial problems if they address these issues as early as possible.

Bank of America foreclosure prevention assistance has come quite often through the federal modification program but homeowners who have either been denied modification assistance or had their trial modification canceled by Bank of America saw increases in the number of foreclosure starts and completions between July and August of 2011. This information on homeowners who are facing foreclosure was released here in November by the Treasury Department and has given some homeowners a better insight as to how those who are unsuccessful at a home loan modification plan are faring in terms of foreclosure.

Yet, homeowners do have alternative foreclosure prevention opportunities that may be more helpful but of course there are still increases being seen in the areas of starts and completions after homeowners have made their way through HAMP but found no success. As an example, foreclosure starts increased by over 1000 for homeowners whose trial modification was canceled between July and August, with almost 2000 foreclosure completions being reported during this timeframe as well.

Also, for homeowners who were not accepted for a trial modification initially, the number of foreclosure starts between July and August for Bank of America increased from 82,394 to 87,916. Foreclosure completions were reported by the Treasury Department to have increased from 32,094 to 37,143, but these numbers while they do continue to increase monthly for a variety of mortgage servicers do not indicate that homeowners who failed to acquire a permanent or even trial home loan modification have no other options. Bank of America does participate in not only proprietary modification plans but extension programs as well, which have been beneficial for some, but there are also homeowners with Bank of America who made be able to take advantage of specific plans like those from the Hardest Hit Fund, available in certain states.

Yet, for homeowners who do wish to avoid the loss of their home, rather than participate in a short sale or deed in lieu of foreclosure program as an example, many officials often point out that it will be necessary to address these financial problems early that may be preventing homeowners from paying their home loan on time as a certain situations may require programs outside of the modification that must be pursued by these Bank of America homeowners. Understandably though, there are no guarantees despite the fact that the servicers have made changes to their programs at the request of the Treasury Departments in hopes of meeting benchmarks, but homeowners do have multiple options available to them that may be beneficial and are worth exploring if foreclosure prevention is necessary for their situation.

Trial modifications for GMAC Mortgage homeowners did see a slight decrease between August and September, according to the most recent Treasury Department reports released here in November, but this does not mean that homeowners who are seeking a trial modification are not finding help in terms of opportunities available for lower mortgage payment assistance plans, as active trials have decreased for many servicers in spite of increases in the area of active permanent modification plans. While this data is helpful when it comes to looking at how a servicer’s performance is progressing within the federal home loan modification plan, homeowners do need to understand that these modifications may not be available or helpful for their situation in some cases.

Yet, despite the fact that the active trial modifications for GMAC Mortgage that were reported between August and September decreased from 2,868 to 2,522, the number of trial modifications reported in the September 2011 release stated that GMAC Mortgage had made 807 trial modifications available to homeowners since the August 2011 report. Obviously, this data has shown that more homeowners are seeing opportunities to acquire a modification since active permanent modifications are increasing and, in some cases, trial modifications that have been offered and started are still on the rise, this does not mean that homeowners can specifically rely on these plans to meet their needs.

Homeowners do have opportunities for unemployment assistance or even state assistance for foreclosure prevention help but GMAC Mortgage and other financial institutions may not always participate in certain plans which will leave homeowners in a situation where they must keep in contact with their servicer to inquire about what will be helpful for their situation. When homeowners have addressed these payment problems early it may give them more time to find a solution to their problems but this is not always a guarantee and, as a result, there have indeed been some homeowners to face foreclosure in spite of these efforts to qualify for an assistance plan or some may simply turn to a short sale program if factors like negative equity and the inability to pay their home loan are in place.

Housing counselors and information directly from GMAC Mortgage are available to homeowners and, for homeowners who do consult resources like from the Homeowners HOPE Hotline, a better understanding of what these programs will require when applying and what may simply be available for a homeowner has been gained in the past and can potentially benefit homeowners who are struggling when it comes to formulating a strategy to keep their home. Again, these assistance programs and servicers have not been perfect but homeowners are still being urged to look into these options quickly, before their financial distress gets out of hand, and potentially find solutions that will help them keep their home and avoid foreclosure.