Loan Modification

Bank of America has been one of the mortgage servicers who has helped homeowners find a solution to their home loan payment troubles through the Making Home Affordable modification program. Yet, many homeowners have had trouble over the past months when it comes to obtaining assistance through a home loan modification, but there have been reports that more servicers are offering alternative modifications in cases where the Making Home Affordable program is unhelpful.

Unemployed homeowners have been looking for ways to make their home loan payment more affordable as many are living off of a reduced income or must rely on the meager income they are provided from unemployment benefits. While some homeowners have been able to obtain a modification, there have been foreclosure prevention efforts and alternatives for homeowners who are unemployed and need mortgage assistance.

Reports indicate that Wells Fargo has been one of the top mortgage servicers in the Making Home Affordable Program who has also offered homeowners the opportunity to gain an alternative modification if they are denied assistance through the home loan modification program from the Obama Administration.

Many homeowners have struggled through the Making Home Affordable Program and, as a result, there have been those who have either been denied assistance or those who have been unable to benefit from a modification if one was offered.  Yet, there have been troubles that go beyond a homeowner’s simple inability to meet their mortgage requirement, as many homeowners have claimed that mortgage servicers are not doing all they can to ensure homeowners get a fair chance at saving their home.

Bank of America has been one of the large servicers who has participated in the Making Home Affordable Program in order to offer homeowners a more affordable home loan through a mortgage modification plan. However, there have been many homeowners who were either denied a trial modification or had their trial modification canceled, which obviously has left some looking for alternative foreclosure prevention options.