Not sure how many people have heard about Bank of America’s new loan modification program. There is a great article online that I found for it at www.blownmortgage.com that goes over the new plans and talks about the fanfare that Bank of America is getting for this new program. My initial thoughts on this is, too little too late. It sounds great for home owners who bought when the market was high, but what about all the home owners who were unable to keep up with their mortgage payments when the economy went south and their loans kicked in full force?
Will this program help, yes! 45 thousand home owners will be able to reduce their debt and hopefully keep their homes if Bank of America keeps their end of the bargain. That is not a significant chunk of the people underwater unfortunately but it’s a great start.
Does this mean a new wave of foreclosures isn’t going to happen? No unfortunately for many home owners, they are not able to qualify for loan modifications, loss of income, collections and seriously delinquent mortgage payments play a huge factor on what home owners options are. With notices of default on the rise there seems to be little hope of foreclosures coming to an end just yet..
This post was written by Jasmine
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