Bank of America Active Trial Home Mortgage Modifications on the Decrease – HAMP
Homeowners who purchased with Bank of America seeking trial modification plans for their loans may be aware that recent data suggests a noted decrease in the number of trial modifications in place by the lender for the month of August. Needless to say, such statistics will undoubtedly spur homeowners to question their own chances of receiving a trial modification if needed, though it has to be remembered that there are still options available including the Making Home Affordable Program when it comes to avoiding foreclosures following financial problems.
Recently, Bank of America saw improvements to the number of active permanent modifications in place, but the number of trial modifications is now seen to have decreased from 31,815 to 28,763 between July and August. This may of course signal that more homeowners are considering the alternative options available to them, but may also be the result of less effort on the part of the lender.
Homeowners do of course stand to benefit by taking up a trial modification with Bank of America assuming they qualify, though there may be better external options available to suit their individual needs. While changes are being made with most servicers across the board, some elements have not changed which in general centre around the homeowners in question acting as early as possible to avoid foreclosure by exploring all avenues, including HAMP.
As such, homeowners are once again being advised to seem free and impartial counseling the very moment they believe difficult times to be ahead, as while nothing is guaranteed by Bank of America or any other lender, those who act early have a greatly increased chance of success.
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